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Market Brief - 16th July 2018

Market Brief – Market inched up higher last week up by 2.28%, thanks to heavy weight like Reliance, TCS, Hindustan Unilever and selected Banks and Consumers stocks. With Reliance scaling up to new high has Mukesh Ambani the richest man in Asia. By virtue of that Reliance has became the biggest Indian corporation. Although India’s export grew by 17% but there was stagnancy were economy is concern like the fall in the Industrial product, Rising inflation and Flat GDP growth are instrumental in Economic slowdown, However Govt. is optimistic of business improving soon. Amid this negative the positive factor was Good Monsoon across the country is likely to increase productivity as well as rural consumption, so may be in the short term market will be volatile and range bound but in Medium to Long term market are likely to see much higher levels. 

Technical  Market last week broke out from the range above 10950 and is now poised for higher levels. Technically market on the lower side has raise his range from 10500 to 10700, On higher side 11200 the previous historic high remains important resistance as long as market remain above 10700 to 10800 it is likely to go to a new high, only a close below 10700 could be threatening for the market which is less likely unless some drastic negative news. On the higher side one more break out above 11200 then Nifty is likely to test 11500 to 11600. Investors are strictly suggested to remain quality bullish stocks and Exit from weak and underperforming stocks.

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