Global indices helped Indian markets garner some points in their kitty. Yesterday we saw good rally in our markets. Sensex added 206 points. Global markets keep eye on Saudi meet on June 22. Saudi Arabain oil producers will meet to decide to increase the oil production in a bid to arrest the northbound crude prices. General markets are expecting that Sauda AArabia will increase the oil production by 5 lakh barrels per day. A dip in the crude prices will help the Indian markets to corner some pull back.
As such Nifty charts suggests that the triple bottom pattern is in the making till the time Nifty is not closing below 4440. Sensex close below 14700. Reality shares still actract short positions. Short positions are created in the derivatives contract in the reality sector, on the belief that these shares may fall further, and the worst is still yet to come in this sector. Developers are forced to raise funds at rates that are way above the market rates.
Nifty will face resistance at 4625 and Sensex 15560.
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