Indian stock markets are likely to remain range bound in the coming fortnight. Nifty has support at the 8520 and 8280 level. Market participants are advised to avoid buying if Nifty breaks the 8280 level says Dilip Bang, Nirmal Bang
In the last fortnight, Greece reached a bailout agreement with the Euro zone, preventing it from exiting the Euro and resolving the crisis for now.
As per the terms of the new agreement, a third bailout will be granted to Greece. However, additional austerity measures will be required to be adopted by the troubled nation, including pension and privatization reforms.
Q3 FY15 and Q4 FY15 earnings results of India Inc were weak with many expecting Q1 FY16 results also to be bleak. The recently announced Q1 FY16 results have been weak as expected. Commodity prices have also seen fresh decline in the recent past.
The India Meteorological Department (IMD) has forecasted more rainfall in several parts of the country easing concerns of below normal rainfall.
The Indian stock markets are likely to remain range-bound in the coming fortnight. The Nifty has support at the 8,520 level and the 8,280 level, thereafter. Market participants are advised to avoid buying if the Nifty breaks the 8,280 level.
Going forward, market participants must keep a watch on the Reserve Bank of India’s monetary policy meet in the first week of August, upcoming results of India Inc and any rate hike announcement by the US Federal Reserve as these events are likely to give direction to the markets in the coming fortnighT.
Source: Nirmal Bang's Beyond Market
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