WEEKLY RESISTANCE FOR NIFTY: 8256, 8285, 8330, 8375
PIVOT POINT: 8228
WEEKLY SUPPORT FOR NIFTY : 8183,8138,8109,8007
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WEEKLY CHAT FOR NIFTY
DAILY RESISTANCE FOR NIFTY: 8245, 8269, 8322,8344
PIVOT POINT: 8220
DAILY SUPPORT FOR NIFTY : 8183, 8145, 8121, 8096
DAILY CHART FOR NIFTY
Sensex opened
the week at 25150, made a high of 27009, low of 23002 and closed the week at
26763. Thus it closed the week with a loss of 80 points. At the same time the
Nifty opened the week at 8248, made a high of 8318,
low of 8171 and closed the week at 8190. "Markets exhibited a burst of volatility intraday on Friday,
the indices rallied to the 8,300 levels after opening flat for the day, this
upmove sharply reversed to take the markets lower for the day all the way to
the 8,170 levels.
KEY EVENTS
June
15:
|
FOMC
Meeting
Two-day meeting, June 14-15,2:00 p.m. ET Industrial Production and Capacity Utilization - G.17 ,9:15 a.m. ET |
In overseas stock markets, Asian and European shares edged lower on concerns about global economic slowdown and concerns over the 23 June 2016 referendum that could see Britain exit the European Union. Earlier this week, the World Bank revised its global economic growth forecast for calendar year 2016 to 2.4% from the 2.9% projection in January. Key indices in UK, Germany and France dropped by between 1.68% to 2.25%. The UK government holds a referendum on 23 June 2016 on whether the country should remain a member of the EU. The Organization for Economic Cooperation and Development (OECD) has warned that Britain's leaving the EU the so-called Brexit could send shocks through global financial markets. Brexit would lead to economic uncertainty and hinder trade growth, with global effects being even stronger if the British withdrawal from the EU triggers volatility in financial markets.
MARKET IN CORRECTION MODE, WOULD RESUME UPTREND AFTER A SUFFICIENT CORRECTION
SLUGGISHNESS ON DAILY & WEEKLY CHARTS NIFTY FAILS TO CLOSE ABOVE 8250.
Stock markets, Asian and European shares edged lower on concerns about global economic slowdown.Domestic and global both movements are discounted by the stock market. By following good stock tips and trading tips one can secure its position in the stock market.
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