BUY NIFTY 27June2019 FUT CMP 11928.9 SL 11905 TGT 11980.45
Bulls are back on the driver seat & took nifty to 12000 mark. . However, it failed to hold at higher levels and closed at 11965 near the opening mark 11959 by forming a Doji candle on the daily scale. The index has been forming multiple Dojis since last three sessions, but at the same time making higher highs and lows, which suggest every decline is being bought into, while resistances are intact at the upper band of the trading zone.
Markets are indecisive for the last 2 -3 trading sessions and are awaiting for some trigger to take a direction. On global front US president has again tweeted of increasing tariffs on Chinese imports. We expect Indian Market to remain sideways with a positive bias. We are not witnessing any sectorial outperformance however few sectors looks good going forward like PVT Banks, IT and FMCG are holding the markets as of now. HDFC BANK ADR has closed at all-time high levels.
Additionally markets would be keenly watching for the outcome of GST councils Meet on 20th June and Union Budget to be held on 5th Jul
In the near term, we continue to be cautious on the market and expect consolidation. Macroeconomic data (Inflation and IIP) scheduled this week will be crucial as RBI recently raised its inflation range and indicated towards concern on industrial growth. In addition, global indicators (crude oil prices and currency movement) will also be on investors’ radar. Now, it has to continue to hold above 11890 mark to witness an upward move towards 12050 and 12100 levels, while on the downside supports are seen at 11870 and then 11750 levels.
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