Tuesday, 9 May 2017

Expect Nifty to open flat at 9356: Dynamic Levels

Nifty is expected to open flat at 9356, says Dynamic Levels.

Market inches higher to its all-time high, continuing buy trend

Indian Market Outlook: On May 8, the benchmark Index Nifty opened at 9311, made a high of 9339 and closed at 9314. The Index started the week on a positive note. Banks and cement were the sectors which supported nifty to hold above 9300.

Sentiments remained bullish with Finance Minister Arun Jaitley ruling out any surprises in the tax rates in the Goods and Services Tax (GST) that is proposed to be rolled out on July 1 and also asserting that there will be no cascading in goods and commodities, which can even see tax rates coming down a little. The Minister also ruled out the possibility of levying tax on agriculture.

Ambuja Cements, Eicher Motors, Asian Paints and Lupin gained the most.

Bank Nifty opened at 22678 made a low of 22633 and finally closed at 22767.The Index traded with positive bias throughout the day.

The Small Cap Index has shown buying in yesterday’s trade. Last day, the Index opened at 7489 made a low of 7469 and closed at 7547 after making a high of 7552.

Nifty is expected to open flat at 9356.

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