Indian equity markets rebound after two weeks of sell off to post a weekly gain by adding around 200 points and reclaiming the 9940 mark. Nifty also closed above its crucial moving averages of 20 & 50 day on the back of positive global cues and domestic fundamentals.
After a long weekend, Markets started the week with a muted gains and some mild consolidations despite global cues pointing major indices at all time high. Indian equity markets awaited the RBI bi-monthly policy meet and forward numbers. As it was much expected, the rates were kept constant and RBI is focused on keeping the inflation in check going forward given the inflationary pressures from global markets. RBI projected the GVA growth at 6.7%.
Followed with that Positive data came in from IIP Numbers where we have seen a rebound in core sector growth rising to 4.9% which was highest in last 5 months. Indian equity markets also cheered and closed above its 20 Days and 50 days moving average at 9979.
With the strong base formation around 9700 and recent run up post positive cues from International and domestic factors, we expect higher levels to be tested. The support which was at 9700 is now shifted to 9850 and any dips towards these levels should be absorbed for a pull towards 10050 – 10100.
Positive rebound in Some major Frontline indices and bluechips along with more than 150 stocks hitting 52 week high improved the breadth. In Short term, resistance is seen at 10150 level and 10200 while support is seen at 9850-9800 zone. Any decline to supports will attract demand and may see a meaningful rebound towards higher levels.
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