Tuesday, July 12, 2016

NIFTY TOPS 8,500 TO ENDS AT FRESH 11-MONTH CLOSING HIGH

Markets extended gains on Tuesday with the benchmark Nifty surpassing the 8,500 mark to end at its highest closing level since August 2015. Stock market rallied ahead of IIP and inflation data to be released later in the day. After opening on a flat note indices remained under pressure and slipped lower in the first half. a sudden bout of buying in the metals, realty and banking stocks lifted the benchmarks to end at day's high. Even the Nifty Mid-Cap index closed at an all-time high  "The gains have been in tandem with a rally in global stocks and expectations of easy monetary policies by global central banks. Further, expectations of a reasonable first quarter earnings has also boosted sentiment. Indian Stock Market would open gap positive. Technically, Indian Stock Market is still in positive zone. Market would see further positive movement. Traders should continue to hold long positions in Nifty and BankNifty. BankNifty would outperform Nifty in days to come.
FIIs were net buyers of Rs.1055.80 crores whereas DIIs were net sellers of Rs.610.57 crores in cash market for last trading session. Nifty would see strong support at 8415-8350-8312 whereas strong resistance would be seen at 8505-8567-8605 levels.
TOP GAINERS: Tata Steel, ICICI Bank, Hindalco, Axis Bank, Maruti Suzuki, Grasim, HDFC
TOP LOSERS:  Tata Power, BPCL, Cipla, Coal India, Bank of Baroda, Aurobindo Pharma 


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