Published on 9/07/2019 8:54:49 AM | Source: KIFS Trade Capital

Market Outlook 9th July 2019 - KIFS Trade Capital

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The key bench mark Index Nifty faced a selling pressure in last trading session. Market sentiment was negative due to increase in tax rate for higher income individuals and FDI’s. All the sectors were closed in red participating in bear’s marathon, where PSU Banks and Realty were major under performer followed by rest. Technically on daily price chart nifty was seen taking support near 11500 approx. though primary trend seems upward. The line of support is set near 11400 approx. whereas the resistance can be expected near 12300 approx.


Bank Nifty

Post budget market witnessed a major fall despite of government acting in favor of PSU banks. The market seems disappointed due to PNB banks scam of 3,800 crore came in spot light on sat. Despite of all the push PSU banks were major lagers followed by Private Banks. As mentioned in earlier report Bank nifty took strong resistance at Fibonacci retracement of 78.6 percentage in previous two days. Bears had a strong hold on market yesterday and dragged bank nifty down by 872 points. The support is placed near 30200 approx. and resistance is placed near 31700 approx.


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