Global markets are lifted nifty on Thursday. Infosys and other IT packs lifted nifty, market reached the target 6000 on Friday, FIIs bought 644.82 crores on cash market, Bernanke’s comments about the need for a more accommodative monetary policy has raised hopes about the continued availability of funds for investment into the emerging economies like India. Currently USD trading at 59.93, Crude trading above 100 at 106.17. Relative Strength Index is giving positive clues on weekly, daily chart, suggesting underlying strength in the Nifty.Now bulls have to see two closes above 6020 and then can move to 6110. On the downside now the weekly pivot 5933 is strong support. Any close below 5890 will bring more bear.
Positional Support for NIFTY 5905 5879 5864 5854 5831 5826 5786 5777
positional Immediate resistance for NIFTY is 6031
Intraday Resistance of NIFTY are 6055 6093 6125 6142
Intraday Support of NIFTY are 5962 5924 5893 5877
Keys to watch next week:
After Infosys Ltd kicked off the April-June earnings reporting season on a solid footing, investors will now look forward to blue-chip earnings like Reliance Industries Ltd and Tata Consultancy Services Ltd next week.
Bank earnings will also be important with HDFC Bank Ltd due to report results on Wednesday, followed by Kotak Mahindra Bank Ltd and Axis Bank Ltd on Thursday.
In terms of economic data, investors will also be looking at June consumer price inflation data and May industrial output due later in the day and wholesale price-based inflation data for June on Monday.
Global events will also be important, with a slew of economic data through the week from China, while Federal Reserve chairman will appear before the US Congress on July 17-18, and G20 finance ministers and central banks will meet in Moscow on July 19-20.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.