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Thread: Nifty Uptrend Intact, Results And GST Keys To Further Upside

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    Nifty Uptrend Intact, Results And GST Keys To Further Upside

    Indian Market Outlook: Nifty continued the upward momentum to break the high of 8545 with strong participation from IT and Banking stocks. TCS results came in after market hours and the profits have beaten market expectations, which is a big positive as there were concerns regarding IT companies' profitability going forward. Nifty has crossed and closed above the Dynamic Levels' breakout level of 8560. The next important level is 8648. Today we have Infosys and Reliance results. Government talks with Congress over the GST would be keenly watched by the markets. Top 5 gainers for yesterday were GRASIM, ICICI BANK, MARUTI, ZEE ENTERTAINMENT and POWERGRID.

    International Market Outlook: International markets are resilient and sustaining the uptrend on the backdrop of stimulus expectations from the Bank of England and the Bank of Japan. Yesterday, Bank of England's credit policy was announced and kept unchanged. However, there were hints dropped that in the August meeting, stimulus can be given by the Bank of England. S&P made a new high of 2168 and has been sustaining and closing above its all time high of 2134 for three consecutive days. This indicates that it is a right breakout and higher levels can be seen in the coming days.

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