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 | | In This Issue: | | • Market View | • Sectoral Outlook | • Technical Outlook | | | Market View | - The bullish trend continues as Indian markets hits fresh 10 months high; trades in a range bound to settle Nifty at 8,323 losing 5 points or 0.06%.
- In terms of sectors Finance, Pharmaceuticals and Construction were the winners of the week. Telecom, IT and Power sectors were the notable losers this week.
- Government trashes charges of telecom scam: The government rubbished Congress charge of a Rs 45,000-crore telecom scam, saying the CAG report on understatement of revenue by six telecom firms pertains to UPA period from 2006-07 to 2009-10 and it has initiated process of recovering the money from firms like Bharti , RComm and Vodafone. "CAG Report on understatement of revenue by six Telecom Service Providers by Rs 46,000 crore was received in February 2016. The report pertains to four years i.e. 2006-07 to 2009- 2010 which is before the tenure of this government," the Department of Telecom said in a statement.
| | | Technical Outlook | - The bullish trend continues as Indian markets hits fresh 10 months high; trades in a range bound to settle Nifty at 8,323 losing 5 points or 0.06%. This week move was four months narrowest range week of 110 points. The volatility was witnessed in commodities with safe haven buying coming in Gold which hits 28 months high of $1375 and Silver hits 2 years high of $21. Crude oil in NYMEX hits 2 months low of $44.87 and shows bearish momentum. In currencies, Sterling continue to underperform and falls to the low of $1.2791 against Dollar. Rupee traded in a narrow range of 0.5% against Dollar to end the week at 67.33. In Indian markets, the sectors which outperformed where Real Estate (+3.5%), Metals (+2.6%) and Pharmaceuticals (+2.58%) while underperformer where Telecom (-2.63%) and IT (-1.54%).
- Nifty hits fresh 2016 high of 8,398.45; settles neutral at 8,323 losing 5 points.
- Index is trading above its short to medium term moving averages.
- The broadening triangle breakout at 8,280 is visible on daily chart.
- Inverted Head and Shoulder retest and rally suggests the bullish momentum to advance towards 8,900.
- The higher high - higher low formation suggests bullish pattern.
- We continue to maintain 'Bullish' stance for medium term target of 8,900.
- The support for the week are 8,267-8,130 and resistance at 8,378-8,516.
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CA. Rajesh Desai
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July 08, 2016
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