STAY LONG WITH THE STOP LOSS OF 8240

STAY LONG WITH THE STOP LOSS OF 8240
WORLD MARKETS                             
US markets were shut yesterday for Independence Day Holiday.
European markets fell 0.7%-1.7% with Italy leading the losses on renewed Brexit concerns.
Nigel Farage, leader of the U.K. Independence party, announced he was standing down, saying his “political ambition” had been achieved when the U.K. voted to leave the EU. His departure came after another key Brexit campaigner, Boris Johnson, ruled himself out of the running to become the U.K.’s next prime minister.
Uncertainty over Britain’s future, following the Brexit vote, saw Markit’s construction PMI for the U.K. drop to 46.0 in June, the lowest level in seven years.
IMF chief Christine Lagarde, in a media interaction, said that exiting the EU could cut Britain’s gross domestic product by between 1.5% and 4.5% points by 2019. And ratings agency S&P said both the euro zone and the U.K.’s economic growth would take a knock as a result of the vote.
AT HOME
After a gap up opening, benchmark indices traded in a narrow range through the session and finally ended higher by half a percent, extending the upmove to sixth straight day. Sensex added 134 points to settle at 27279 while Nifty finished at 8371, up 42 points. BSE mid-cap and small-cap indices gained 0.6% and 1% respectively. Except a 1.3% cut in FMCG index, all the BSE sectoral indices ended higher with Realty index topping the tally with gain of 2.2%, followed by 1.7% higher Energy and Metal indices.
FIIs net bought stocks, index futures and stock futures worth Rs 182 cr, 76 cr and 503 cr respectively. DIIs were net buyers to the tune of Rs 377 cr.
Rupee appreciated 5 paise to end at 67.27/$.
OUTLOOK
Today morning Asian markets are trading with cuts of upto a percent and SGX Nifty is suggesting about 25 points lower start for our market.
In yesterday’s report we had reiterated the view that having crossed 8295 decisively, next major target for Nifty is 8655, which is the top made last July as well as the 52-week high.
The benchmark touched a high of 8398 yesterday before closing at 8371, moving towards the 8655 target mentioned above.
Stay long with the trailing stop loss continues to be the advise. Immediate support on the hourly chart has moved up to 8240, which should serve as that stop loss.
Union Cabinet is set for a reshuffle today and is likely to see inclusions from Uttar Pradesh, Uttarakhand, Rajasthan and Assam.

Indian markets will remain shut tomorrow for Id-Ul-Fitr.
Click here for reuse options!
Copyright 2016 einfoMet
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STAY LONG WITH THE STOP LOSS OF 8240

STAY LONG WITH THE STOP LOSS OF 8240
WORLD MARKETS                             
US markets were shut yesterday for Independence Day Holiday.
European markets fell 0.7%-1.7% with Italy leading the losses on renewed Brexit concerns.
Nigel Farage, leader of the U.K. Independence party, announced he was standing down, saying his “political ambition” had been achieved when the U.K. voted to leave the EU. His departure came after another key Brexit campaigner, Boris Johnson, ruled himself out of the running to become the U.K.’s next prime minister.
Uncertainty over Britain’s future, following the Brexit vote, saw Markit’s construction PMI for the U.K. drop to 46.0 in June, the lowest level in seven years.
IMF chief Christine Lagarde, in a media interaction, said that exiting the EU could cut Britain’s gross domestic product by between 1.5% and 4.5% points by 2019. And ratings agency S&P said both the euro zone and the U.K.’s economic growth would take a knock as a result of the vote.
AT HOME
After a gap up opening, benchmark indices traded in a narrow range through the session and finally ended higher by half a percent, extending the upmove to sixth straight day. Sensex added 134 points to settle at 27279 while Nifty finished at 8371, up 42 points. BSE mid-cap and small-cap indices gained 0.6% and 1% respectively. Except a 1.3% cut in FMCG index, all the BSE sectoral indices ended higher with Realty index topping the tally with gain of 2.2%, followed by 1.7% higher Energy and Metal indices.
FIIs net bought stocks, index futures and stock futures worth Rs 182 cr, 76 cr and 503 cr respectively. DIIs were net buyers to the tune of Rs 377 cr.
Rupee appreciated 5 paise to end at 67.27/$.
OUTLOOK
Today morning Asian markets are trading with cuts of upto a percent and SGX Nifty is suggesting about 25 points lower start for our market.
In yesterday’s report we had reiterated the view that having crossed 8295 decisively, next major target for Nifty is 8655, which is the top made last July as well as the 52-week high.
The benchmark touched a high of 8398 yesterday before closing at 8371, moving towards the 8655 target mentioned above.
Stay long with the trailing stop loss continues to be the advise. Immediate support on the hourly chart has moved up to 8240, which should serve as that stop loss.
Union Cabinet is set for a reshuffle today and is likely to see inclusions from Uttar Pradesh, Uttarakhand, Rajasthan and Assam.

Indian markets will remain shut tomorrow for Id-Ul-Fitr.
Click here for reuse options!
Copyright 2016 einfoMet
Tweet about this on Twitter



STAY LONG WITH THE STOP LOSS OF 8240

STAY LONG WITH THE STOP LOSS OF 8240
WORLD MARKETS                             
US markets were shut yesterday for Independence Day Holiday.
European markets fell 0.7%-1.7% with Italy leading the losses on renewed Brexit concerns.
Nigel Farage, leader of the U.K. Independence party, announced he was standing down, saying his “political ambition” had been achieved when the U.K. voted to leave the EU. His departure came after another key Brexit campaigner, Boris Johnson, ruled himself out of the running to become the U.K.’s next prime minister.
Uncertainty over Britain’s future, following the Brexit vote, saw Markit’s construction PMI for the U.K. drop to 46.0 in June, the lowest level in seven years.
IMF chief Christine Lagarde, in a media interaction, said that exiting the EU could cut Britain’s gross domestic product by between 1.5% and 4.5% points by 2019. And ratings agency S&P said both the euro zone and the U.K.’s economic growth would take a knock as a result of the vote.
AT HOME
After a gap up opening, benchmark indices traded in a narrow range through the session and finally ended higher by half a percent, extending the upmove to sixth straight day. Sensex added 134 points to settle at 27279 while Nifty finished at 8371, up 42 points. BSE mid-cap and small-cap indices gained 0.6% and 1% respectively. Except a 1.3% cut in FMCG index, all the BSE sectoral indices ended higher with Realty index topping the tally with gain of 2.2%, followed by 1.7% higher Energy and Metal indices.
FIIs net bought stocks, index futures and stock futures worth Rs 182 cr, 76 cr and 503 cr respectively. DIIs were net buyers to the tune of Rs 377 cr.
Rupee appreciated 5 paise to end at 67.27/$.
OUTLOOK
Today morning Asian markets are trading with cuts of upto a percent and SGX Nifty is suggesting about 25 points lower start for our market.
In yesterday’s report we had reiterated the view that having crossed 8295 decisively, next major target for Nifty is 8655, which is the top made last July as well as the 52-week high.
The benchmark touched a high of 8398 yesterday before closing at 8371, moving towards the 8655 target mentioned above.
Stay long with the trailing stop loss continues to be the advise. Immediate support on the hourly chart has moved up to 8240, which should serve as that stop loss.
Union Cabinet is set for a reshuffle today and is likely to see inclusions from Uttar Pradesh, Uttarakhand, Rajasthan and Assam.

Indian markets will remain shut tomorrow for Id-Ul-Fitr.
Click here for reuse options!
Copyright 2016 einfoMet
Tweet about this on Twitter





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