Monday, August 8, 2016

NULL EFFECT EXPECTED ON THE MARKET; ON ACCOUNT OF RBI POLICY

“BUY HDFC ABOVE 1370 TGT 1385/1400”
“SELL HDFC BELOW 1360 TGT 1345/1330”
The Indian equity market rallied for third consecutive session on Monday ahead of RBI policy review on Tuesday. Reserve Bank Governor Raghuram Rajan, whose 3-year term will come to an end on September 4, is widely expected to hold the key interest rate on Tuesday as retail inflation continues to be above the comfort zone. Sensex ended with a gain of 104 points at 28,183. The Sensex opened at 28,182 touched an intra-day high of 28,226 and low of 28,128.The Nifty closed with a gain of 28 points at 8,711. The Nifty opened at 8,713 hitting a high of 8,723 and low of 8,697. Market is expected to see short term correction if it breaks
below the lower end of the range at 8720. Important support is at 8625-8610 and resistance is visible around 8700-8750. Going forward market movement will depend on FII and DII trading activity, quarterly results of the major companies and price movement of crude oil in international market. Investor is likely to react on RBI credit policy tomorrow. We expect interest rate to stay unchanged which is now at five year low of 6.5%."
TOP GAINERS: Hindalco, BPCL, Adani Ports, Tata Power, Bosch, Tech Mahindra, BHEL
TOP LOSERS:  Bharti Airtel, IdeaCellular, Bharti Infratel, NTPC, ITC


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