Cheers on D-Street- GST Blues

Date: 04-07-2017

nifty outlook
On Monday: The Nifty opened the session with a positive bias and hit the day's high of 9624. It surpassed the 9600 mark and finally, it ended the day at 9615. The bulls are cheering GST blues. Now, it has to hold above 9650 to confirm the bull's grip on the market and we could see a rally towards 9700-9800 levels. Support and Resistance has been shifted to higher indicates the bears are trapped. AS We already mentioned in our last note, the market will not move downward due to GST. It made a strong green candle on the daily chart for the second straight session indicates market participants will analyze the effect of GST in the near term and hassle-free implementation of a new GST era has supported the positive sentiments.

For Today: The Nifty is likely to open flat following mixed global cues. We see the Nifty has a immediate barrier at 9650. On the other side, support exists at 9550–9580 levels.

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