Market View: 20-24 June 2016

Filed in Market Update by on June 20, 2016
Week 20-24 June 2016
View Last week the NIFTY closed at 8170 which was the same closing as its previous week. It was good to see NIFTY respecting its support levels. Right now the NIFTY has entered into a consolidation range of 8000-8300. If Britain votes to remain with the European Union, monsoon is good and the first quarter earnings are up to the mark, the NIFTY could scale the 8400 mark easily. Lack of these events, the markets would continue to consolidate. Raghuram Rajan’s decision to step down after the end of his tenure will have an impact on the markets but not much. RBI is not person dependent institution and the reforms and policy initiatives will continue. This week NIFTY is likely to consolidate further with stock specific movements. All the best!

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