Market View: 9-13 MAY 2016

Filed in Market Update by on May 9, 2016
Week Market View: 9-13 MAY 2016
Market This Week Last week the NIFTY closed at 7733.45 registering a nominal loss of 1.5% over previous week. It could not take off the resistance of 8000. The markets were lacklustre but the NIFTY also did not break below the support level of 7700, which was a good sign. Another good sign has been the good fourth quarter earnings which has taken everyone by surprise. Bankruptcy Code was passed by the Parliament last week is also a positive sign for the entire banking sector. The charts and the daily NIFTY movement is suggesting that we are less likely to see a downside below 7600 now but we would also need enough driving events to break above 8000. As long as NIFTY is range bound between 7650 and 8000, volatility will continue to rule with the bull-bear each fighting for directing the NIFTY. We must observe caution and all low risk taking investors should be on the side-lines while the NIFTY trades between the range of 7650-8000. All the best!

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