Market View: Week Starting 27th June 2016

Filed in Market Update by on June 27, 2016
Week Week Starting 27th June 2016
View Last week the NIFTY closed at 8088.60 registering a loss of 1% over previous week. Due to BREXIT, all the global markets took a beating and were down by an average of 2%. A point worth mentioning is that the Indian markets saw buying at lower levels and hence the markets recovered after a heavy gap down opening. Given that the BREXIT event is over and the market has factored that in, our next clues will come from the progress of monsoon and the first quarter earnings. Let’s wait and watch. Amidst the BREXIT turmoil, NIFTY has still respected the support levels of 8000 which is a good news. We are in a short term consolidation range of 8000-8300 with resistance coming in at 8300. Let’s be disciplined on all existing positions. We would continue to see stock specific movements this week. All the best!

Comments are closed.