Market View: Week Starting 30 MAY 2016

Filed in Market Update by on May 30, 2016
Week Market View: Week Starting 30 MAY 2016
Market This Week Last week the NIFTY closed at 8156.65 registering a gain of 5.25% over previous week. After all the short coverings and profit bookings we finally saw some good genuine buying last week. The NIFTY has finally broken the consolidation range of 7500-8100. It has just triggered a good short-medium term bullish trend. The fourth quarter earnings finally picked up which were the major driver for NIFTY along with above average monsoon prediction and strong global cues. This should now be a good time for us to enter the markets. The rally is likely to continue this week as well and the next target for NIFTY would be 8300, but before that the NIFTY could just take a breather. We should now keep our eyes glued to 7950 which will act like a good support for NIFTY. Overall, we are in a bullish trend and we must take our chances now. All the best!

Comments are closed.