Market Outlook for 13 July 2016
July 13, 2016Posted By Admin
Indian markets may open in gap up tracking positive momentum in global markets. SGX Nifty was trading 28 points up @ 8552 at 7:20 a.m. All major Asian markets are trading in green with NIKKEI 1.68% up, HANG SENG 0.6% up and KOSPI 0.8% up. Immediate resistance for NIfty is placed at 8544. We advise traders to remain cautious as profit booking may kick in above 8540 levels.
Yesterday the Nifty rose 53 points, or 0.6%, to end at 8,521.05, while the Sensex climbed 181 points, or 0.7%, to 27,808.14.
IIP and CPI data released was released yesterday. The Index of Industrial Production (IIP) rose 1.2 per cent in May from a year earlier, government data released on Tuesday showed. Whereas Consumer Price Index (CPI) rose 5.77 per cent in June compared with 5.76 per cent rise in May slimming the chances of a rate cut on 9th August’s RBI policy meet.
LONG JINDALSTEL TARGET 84 SL 69 & SHORT ABIRLANUVO TARGET 1245 SL 1301