The market edged higher last week after data showing acceleration in growth in India’s gross domestic product in Q4 March 2016, a sharp pickup in growth in core sector in April 2016 and iscal deficit meeting the target for fiscal year 2015-2016 boosted investors’ sentiment.
The Nifty rose 64.15 points or 0.79% to settle at 8,220.80. Growth in India’s gross domestic product accelerated to 7.9% in Q4 March 2016 compared with a revised reading of a growth of 7.2% in Q3 December 2015.
The major event next week is a monetary policy review from the Reserve Bank of India (RBI). The RBI will announce the Second Bi-monthly Monetary Policy Statement, 2016-17 at 11.00 IST on Tuesday, 7 June 2016.On
Nifty weekly chart strong resistance is seen at 8285. If it breaks with high volume, more bullishness is expected.
Nifty Tips For Monday:
BUY KOTAKBANK FUTURE ABOVE 775 TGT 790,805,820 SL 747
SELL IDEA FUTURE BELOW 104 TGT 102,100,98 SL 109