Index weekly Update

Key Benchmark indices inches higher in the last week ended Friday,17 july 2015.Although Financials and Banking stocks were mostly down during the session but have gained during the last two trading days. Pharma, IT, Selective Auto Stock and Mid Cap stocks helps the market to continue the Northway  direction.Sensex rose 801.91 pts or 2.89% to close at 28,463.31 and Nifty gained 249.30 pts or 2.98% to close at 8609.85 , highest closing since April 16,2015.Sentiments were foster after Greece granted  another bailout pacakge by the parliament  and clearence to composite FDI cap from cabinet . Strong rupee also aided the rise of the index.

On the global front,US market were mixed Dow ended at 18086 down 33.80 pts  or -0.19% ,S&P 500at  2126.64 up  2.35 pts  or 0.11% and NASDAQ closed higher at 5210 up 46.96 pts  or +0.19% .  European markets were cautious ahead of the German parliamentary vote on the Greek bailout. France's CAC, Germany's DAX and Britain's FTSE were mixed. Asian benchmarks barring Kospi closed highe, Shanghai Compositeposted gaines of 3.5 percent.

Last week Index manages to trade in green territory it will be intresting to watch  if same  momentum  it can hold  the coming week.Some selling pressure is expected at higher levels  as of profit booking.However  lower level  can be taken as opportunity to add the further long position.

Nifty 

CMP:       8609.85

RES 1      8625

RES 2     8655

SUP 1     8580

SUP 2     8550

Note: Levels mentioned are for Intraday .