Positive news have outweighed the negative news this week and the markets, after going through a rally the whole week, ended flat on the backdrop of announcement from Union Govt. allowing composite foreign investment, data from stock exchanges showing FPIs buying Rs. 750 crore worth of shares, the successful Greece bailout, the rise and fall of Chinese stock markets, and below normal monsoon headache for Kharif crops, as July is the key month for sowing Kharif seeds.
Technically, markets were able to hold 8200 and cross the critical level of 8550. Markets are still critically poised. Next week seems to be critical for the markets. The undertone for the short term is bullish. Support for Nifty lies at 8315 and resistance is placed at 8850 for the broader range. For the shorter range, support lies at 8420 and resistance is placed at 8650.
For the next week, monsoon expectations for the coming days and month, and Parliament’s monsoon session where the Opposition may hinder functioning of the session raising questions against this Union Govt., are big worries. Sector wise, Healthcare and Information Technology stocks seem good for a buy.
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