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.
Contact us Here:
PRAGMATIC WEALTH MANAGEMENT PVT. LTD.
Head
Office:
102,
1st Floor, Topaz Society,
Dr.
Nair Road, Agripada, Mumbai Central (E), Mumbai 400011
Tel: +91-8108178683
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