Market View: 13-17 June 2016

Filed in Market Update by on June 13, 2016
Week 13-17 June 2016
View Last week the NIFTY closed at 8170 registering a loss of 0.62 % over previous week. The current NIFTY chart suggests a short term bearish trend. The NIFTY will pause here after the recent rally, correct a bit and then continue with its upward rally. This trend should be short one and the NIFTY should find support at 8070. If it breaks below this level, we should observe caution. 8250 will come in as a resistance. Despite the recent fall, the underlying strength of NIFTY still looks strong. The DII’s and FII’s have a positive outlook for our markets with improvements being seen in macroeconomics and also strengthening of earnings. The investor sentiments are good as an output of the ongoing reforms. This week the markets would keep a watch and react to the Brexit referendum. Let’s wait and watch. Though there are a few global worries, our domestic funds would continue to flow and we have nothing really to worry for. We are in a buy on dips phase for now. All the best!

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