Benchmark share indices shrugged off weak global cues to end higher following the expiry of July F&O derivative contracts after the recent developments in the parliament rekindled hopes of the GST Bill getting passed in the ongoing monsoon session of Parliament. More positive rhetoric on GST helped stocks wade through the bearish sentiments prevailing at open after FOMC hinted at increasing appetite towards a rate hike this year. Besides, the India Meteorological Department (IMD) is sticking to its 2016 forecast of southwest monsoon being ‘above normal’ as of now, based on the rainfall so far, particularly in July, but a final conclusion can be drawn once it releases its second stage forecast by this month-end. The S&P BSE Sensex surged 184 points to end at 28,209 and the Nifty50 climbed 51 points to close at 8,666.
Nifty trend seems bullish on the technical charts for tomorrow. With having the support level at 8620 and 8570 Nifty will face resistance at the level of 8680 and 8730. According to our experts, following Buy on Dip approach will be profitable.
Free Intraday Tips for Tomorrow: 29th July
BUY RSSOFTWARE ABOVE 90 TARGET 90.90, 91.80, 92.70 STOPLOSS 88.20
BUY GEECEE ABOVE 220 TARGET 222.20, 224.40, 226.60 STOPLOSS 215.60
SELL NIIT BELOW 83 TARGET 82.20, 81.40, 80.60 STOPLOSS 84.60