- Created: Tuesday, 28 June 2016 17:42
In today's trading session market opened flat but gained upside momentum and traded green throughout the trading session. At the end Nifty closed with a gain of 30 points backed by strong performance of stocks from sector like auto, metal and auto ancillaries.
NIFTY in its daily chart has formed yet another spinning top candle stick pattern, which primarily indicates indecision. After a recent shock market has witnessed last week this type of pattern could turn bullish as long as market remain above the key support level of 8070.
The way market holding above the key support level of 8070-8100 indicates the BREXIT issue has already factored in the market and it is in the process of building a base around 8000-8100 level before moving higher.
Market movement going forward will depend on domestic factor like how monsoon progresses in various part of the country and the announcement of 7th pay commission which is expected to boost demand going forward. How the commodity sector will perform going forward along with oil is going to be key too. The F&O expiry this week is also likely to bring volatility.