7700 is a strong resistance for Nifty and a cross above this may take Nifty to near 8000. But Nifty has been unable to cross it till now and has fallen below its immediate support of 7640. If it remains below 7640 next week, it may fall further up to 7450-7300 zone. Below 7450, the momentum of nifty’s uptrend will slow down. At lower levels, 7300 is a strong support and it will be broken only if there is a very strong negative event.
Markets are suddenly faced with Geopolitical uncertainties and long positions have been unwound for the weekend. Monday markets will be crucial to test the above technical view and we therefore advise a wait & watch mode for Monday. For more news and updates visit:- http://www.rrfinance.com/Reserch/ResearchHome.aspx
Key benchmark indices provisionally settled almost unchanged for the day ahead of commentary about monetary policy from the US Federal Reserve later in the global day. The barometer index, the S&P BSE Sensex, closed at 21832.86 and 0.25 point up, off close to 62 points from the day’s high and up about 48 points from the day’s low. The market breadth, indicating the overall health of the market was positive.
Who Moved and Why
- SBBJ vaults as board to consider interim dividend.
- PSU OMCs gain after diesel under-recovery declines.
- Volumes jump at Rasoi counter.
- Coal India slips in volatile trade after bulk deal.
- Polaris surges 21.57% in two days as board approves demerger of products biz.
- JSW Steel gains after good production figures.
- Ashok Leyland gains after reducing stake in IndusInd Bank.
- IT shares decline after weak TCS outlook.
Read detail analysis report here:- http://rrfinance.com/Reserch/Pdf/07-July/DMR/19th_March_equity_closing_update.pdf