NiftyFuture last close: 10145.50 (+1.3%)
Bulls dominated for the second consecutive week in Indian indices
NiftyFuture was gained 6% despite of rising virus case and Moody’s downgrade India’s rating
In last two weeks NiftyFuture was gained 12%. Total recovery from March lows to over 33%
On last Monday NF was opened gap up and closed at 9791 or 3.1% higher, On Tuesday NF was gained 1.80%. Wednesday and Thursday both days NF was consolidated around and high of 0.75%. On Friday NF was bounced from last 2 hrs and closed 1.3% higher.
Positive news for Govt has been allowing gradually reopening of economic activities
On June 8th onwards shopping malls, Hotels, Restaurants will be allowed to reopen
Already market has been reacted above news.
FIIs bumping funds in last week, they bought Rs 13900 crore worth of stocks in cash segment in last 5 sessions
Do you know ? FIIs was invested 13915 Cr in the month of entire May. Now they invested same funds in 5 sessions.
Coming June 12th GST council will meet and expecting some important announcements
Important earnings to watch out for in coming week would be Heromotoco, Titan, Eichermotors, M&M, Hindalco, PVR, Centurytex, Srtransfin, and MGL
All eyes will be on FED meeting on 10th June
NiftyFuture has gained 1.3% on Friday’s closing hence the chart formed bullish candle and market mood (sentiment) also very positive
FIIs long in Index future 54% whereas DII also long 73% and seen strong fund buying in last week
Now, NiftyFuture finding a weekly resistance at 10200 once if breaks and manages above the level
Further rally will be expected up to 10380 and 10550 which was fibonacci retracement 61.8%
Suppose bulls if dominate aggressively and if sustains above 10550…… Then will move and strong resistance zone 10700.
On other hand, NF considering a weekly support 10020 and 9930
Below 9930……….Bears will come and dominate!! To what extend ?
More live market update will send to my clients only
Updated : 10.21 AM / 07th June 2020
