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Home Technical Analysis Market Analysis Market Wrap

Market Wrap for 29th June, ’16: Nifty rallies to cover gap, heads for 8250!

Elearnmarkets by Elearnmarkets
February 26, 2020
in Market Wrap, Market Analysis
Reading Time: 1 min read
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Nifty rallied today, closing 75 points higher and covering the Brexit gap down formed on Friday. The next resistance is at the level of 8250, whereas the previous resistance of 8160 has now turned into support , owing to the principle of polarity.

The Nifty IT index also rallied today and so did the Nifty Realty index and the Midcap index, utperforming the Nifty 50 and Nifty bank indices.

There is an indication of weakness looming in the chart of Nifty, and the level of 8250 looks the point of upside exhaustion for the short term.

In the Nifty Realty stocks also, like DLF, unitech, Indiabulls real estate, there is little upside left, maybe 4-5% more, but after that, some correction is not only expected but also healthy.

The gainers and losers of the day are as follows:

Gainers for 29.06.16
Gainers for 29.06.16
Losers for 29.06.16
Losers for 29.06.16

INTERNATIONAL INDICES

The US and European indices have been rallying post the Brexit result. Even the Japan economy seems to have stabilized after the uncertainity passing. The Indian and Chinese indices appear to be acting on their own again, independent of the international picture.

CHART OF THE DAY

Britannia poses good upside potential on the chart. It have given a very strong bounce back from the level of 2500 and it is expected to head higher. How much further is a question to be determined by the RSI in my opinion. Quick in approaching the level of 60, if Britannia breaches the level of 60 then we may expected the stock to achieve the broader target of 3000, otherwise the conservative level of 288 stand open on the chart.

Brittania, daily chart as on 29.06.16
Brittania, daily chart as on 29.06.16
Tags: brexitforexniftyNiftyIT
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Previous Post

Market Wrap for 28th June, ’16: Nifty edges higher, European stocks rally, pound bounces back!

Next Post

MARKET WRAP FOR 30th June, ’16: Nifty ends June series on euphoric note!

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Elearnmarkets

Elearnmarkets (ELM) is a complete financial market portal where the market experts have taken the onus to spread financial education. ELM constantly experiments with new education methodologies and technologies to make financial education effective, affordable and accessible to all. You can connect with us on Twitter @elearnmarkets.

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