Nifty 8228/Sensex 27144/Bank Nifty 17935
31 Advances/ 20 Declines/ 0 Unchanged
Week ahead: Is consolidation around the corner for the mkt?: Let’s Find out.
The week gone by was quite spectacular for the market as equity benchmarks gained 3% after easily absorbing the Brexit event. The broader markets outperformed benchmarks with a 5% jump. Approval to the much-awaited 7th Pay Commission recommendations, good progress of monsoon, government initiatives to boost private sector and global central banks' promise to provide stimulus for easing impact of United Kingdom's vote to leave the European Union helped the market cross the 8300 level on the Nifty last week. Global markets also rebounded as investors do not expect Brexit to hurt global economy in the next 1-2 years.
Analysts feel there can be some consolidation at current levels with some profit-booking in the next truncated week. They don't rule out 8500----8600 in July as there is a possibility of GST Bill getting passed in the monsoon session of Parliament.
Nifty now above 8300 mark as it gained 40 points on Friday and seemed to have crossed the resistance of 8300 level. Sensex too gained 144 points and is trading at 17144 levels.
Bank Nifty is close to crossing its resistance of 18000 levels and is trading at 17985 as it gained 50 points on Friday.
Key highlights of 30th June 2016
US factory data, auto sales improve, construction spending slips
Jaitley sees personal assets decline by Rs 2.83 cr in FY16
Govt reduces prices of key fertilisers: Ananth Kumar
SBI secures $625 mn from World Bank for solar programme
RIL, SBI sign shareholder agreement for payments bank JV
Mahanagar Gas to expand operations; Maha govt profits from IPO listing
IFC to invest Rs 134 cr in Future Consumer Enterprise
Our recommendations kept our clients in the rally and they are present in this bullish rally, soon we will be booking profits and will update soon.
If you are missing these rallies, we are here to help you out.
Now what next??
Nifty has crossed the important resistance of 8300 and is now ready for the fresh rally for new higher levels although consolidation will be part of the process. Immediate hurdle is at 8380 which it should look to touch in next trading sessions .We can now expect a rally to 8480—8550 levels and our long term target is intact at 9100—9200 levels.
Support is now intact at 8320—8280 mark.
Trade with levels only. More levels will update during market hours
Today's top pick
Hope you all are holding long in Cement and Banking stocks. Acc, Indian Cement, PNB, SBI... All skyrockted.
Today...
Gail... Above 395. We will see sharp upside rally till 404---409+ mark in days to come. Support and stop loss 384.
More will update during market hours
More will be update soon!!
