Published on 17/07/2017 9:48:00 AM | Source: GEPLCapital Ltd

Benchmarks once again hits an all time high as SENSEX trumpets & holds above 32000 - GEPL

Posted in Market Outlook | #GEPLCapital Ltd #Market Outlook


Key Highlights:

Benchmarks once again hits an all time high as SENSEX trumpets & holds above 32000. NIFTY may eye 5-Digits mark.….

* The NIFTY opened @ 9913.30, a GAP-UP of around 23 points & an all-time HIGH. The BULLS were in full flow but seemed to be bit relaxed and that seem to pull the carpet from below it. With the OPEN entrenched at the HIGH, the NIFTY drifted down to 9850 without much an effort. The NIFTY was up & kicking once again post this drift with the push up coming to at par by 2:30 PM. Once again, closing near the day’s HIGH, yet slightly in negative territory, the NIFTY closed little changed @ 9886.35, DOWN minorly by just 5.35 points or 0.05%.

* The broader indices astonishingly enough continued with their underperformance. While the NIFTY MID100 FREE closed UP just by 0.01% to close @ 18278.85; the NIFTY SML100 FREE closed DOWN by around 0.36% to close @ 7582.85. The broader move stood clearly in favor of the BEARS with 697 advances to 1051 declines. The INDIA VIX too moved DOWN in tandem as the market corrected a bit to close around the 11.17 mark.

* The sectoral & thematic indices were a MIXED pack. On the BULL side NIFTY PSU BANKS & NIFTY PAHRMA, moved UP by close to a percent, while NIFTY IT & NIFTY REALTY pegged on the losing side.

* The dynamics of the market still remain quiet unchanged and still remain in a fine balance. The market has now closed well above the 9800 mark & infact jumped a good 4% in last 2 weeks gone by. The level is well above the pre-defined SUPPLY Zone around the 9640-9720 and as each day progresses the difference & the levels move up further. The extrapolated extensions now move up further to the all time HIGH @ around 9920 followed by 10200 levels, though a bit of correction would be WELCOME here. On the lower side till the time that NIFTY doesn’t breach below the SUPPORT @ 9640-9720, the BULLS would be in action. 

 

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