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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