Past a subdued performance yesterday, the markets spring up as the bulls outclassed the
bears. The European markets shot up with the decision of EU council to speed $123 billion aid to Spanish banks boosting the Indian markets. Also Spain’s 10year bond rose above 7% threshold that prompted bailouts in Greece, Ireland & Portugal. However Chinese markets touched a 6month low due to slow growth in exports and extravagant rise in imports which had a drastic impact on the Asian markets as they performed negatively. Oil prices fell for the 3rd time in 4days as the strike in Norway about the halt in production ended today. Optimism led market rally as industrial output accelerated to a modest pace of 1.8% YoY in May which will have a positive impact on industrial sector. The RBI’s policy review draws closer, expectations are building up that key rates are unlikely to be moved this time.

The Bse Index closes at 17618 up 226 points or +1.30% & Nifty closes at 5345, up 70 points from the previous close or +1.33%. CNX Midcap index was up 0.8% and the BSE Small cap index was up 0.8%. The market breadth was positive with advances at 953 against declines of 483 on the NSE.

Markets however showing positive signs they have not yet broken out of the range (5400-
5200). So still not a crystal clear time to enter and it’s better to wait patiently.

Last Close at 5345 up 70 points, Last High at 5348 Low at 5284, Weekly High at 5348 and low at 5557 and 5 DMA at 5313, 20 DMA at 5193, 50 DMA at 5059 and 200 DMA at 5085

5-Days Relative Strength Index at 73 and 14-Days Relative Strength Index at 68. It Indicates Nifty Placed in Bullish Zone.

RESISTANCE: It has the First resistance close to the level 5355 & above the level marks the track point at 5377 later zooper level at 5399 mark.

SUPPORT:  It has the first support close to the level of 5311 & below this level mark next support is seen at 5288 later dipping level near 5266 mark.

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