Monday, 12 June 2017

KEEP AN EYE ON IIP CPI & WPI DATA THIS WEEK 13 JUN 2017

EVENT-PACKED WEEK, NIFTY REVERSAL ONLY BELOW 9609 
Technically, The market is still in positive zone. Nifty would see reversal i.e. would enter into negative zone only if it closes below 9600. Market has witnessed strong resistance near 9650 levels and strong hands looks to book profits at this point of time. Nifty may open gap negative but some recovery would be seen after opening. Traders can initiate fresh short positions only if Nifty managed to close below 9600 levels as market is overstretched but until then traders can buy at dips. Overall, Nifty is trading in 9600-9700 range and traders can buy at dips and short at rally until this range breaks on closing basis. . The support for the Nifty is 9600-9590-9580-9550 and the resistance to the up move is at 9650-9670-9705-9715 levels.
Furthermore, this week is events packed week as IIP for April and CPI for May would be disclosed on June 12, WPI on June 14 and Trade data on June 15, would affect direction of Indian Stock Market. On Global front, FED meeting that would start on June 12 and FED Interest rate decision would be disclosed on June 14, this week. Street expects further rate hike this month by 25 bps and hence US FED Policy would affect market across the globe.


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