The market registered steady gains on Friday before the outcome of Greek referendum that will be held on Sunday. Sensex ended above the 28000 level and the Nifty few points away from 8500 level on the back of better-than-expected progress of monsoons and a rebound in core sector output. A normal monsoon will not only boost incomes in a pre-dominantly rural economy, but also give enough headroom to the Reserve Bank of India (RBI) to cut rates further in the foreseeable future.
Meanwhile, the RBI Governor Dr Raghuram Rajan said that the Indian economy was recovering and there were signs of a pick-up in capital investments.
Markets will still be in the range. If it manages to close above 8550, it can go to 8850. If it closes below 8550, then it can test the levels of 8200 and 8250.
Going ahead, CPI numbers, quarterly results and progress of monsoons are the immediate triggers (apart from the Greek referendum outcome). Later in the month, the progress on major bills such as GST in the monsoon session of the Parliament will be the triggers to watch out for.
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