Nifty may open July series on positive note, auto sales in focus

The market is likely to open July Futures & Options (F&O) series on a positive note as global market continued to rally. On Thursday the Nifty hit fresh 2016 high, rising 1 percent on short covering and value buying support from domestic institutional investors.

The 50-share NSE Nifty ended at 8287.75 - the highest closing level since October 23, 2015 - on expiry day for June futures and options contracts, up 83.75 points or 1.02 percent from its previous day's value but failed to hold 8300 level.

The 30-share BSE Sensex ended tad below the 27000-mark, up 259.33 points or 0.97 percent at 26999.72 on support from banking & financials, FMCG, telecom and Tata Group stocks.

The macro economy continues to send mixed signals as eight core sectors grew by just 2.8 percent in the month of May-the slowest pace of growth so far this year. Auto sales data will be released today. Dealer checks indicate trend is positive with heavy commercial vehicle segment to see 25 percent growth versus 20 percent last month while two-wheeler segment to see 10-12 percent growth.

 BUY ULTRATECH CEMENT FUTURE ABOVE 3480 TG 3495, 3510, 3530 SL 3460,

STOCK FUTURE TIPS

The market is likely to open July Futures & Options (F&O) series on a positive note as global market continued to rally. On Thursday the Nifty hit fresh 2016 high, rising 1 percent on short covering and value buying support from domestic institutional investors. The 50-share NSE Nifty ended at 8287.75 - the highest closing level since October 23, 2015 - on expiry day for June futures and options contracts, up 83.75 points or 1.02 percent from its previous day's value but failed to hold 8300 level. The 30-share BSE Sensex ended tad below the 27000-mark, up 259.33 points or 0.97 percent at 26999.72 on support from banking & financials, FMCG, telecom and Tata Group stocks. The macro economy continues to send mixed signals as eight core sectors grew by just 2.8 percent in the month of May-the slowest pace of growth so far this year. Auto sales data will be released today. Dealer checks indicate trend is positive with heavy commercial vehicle segment to see 25 percent growth versus 20 percent last month while two-wheeler segment to see 10-12 percent growth.

Read more at: http://www.moneycontrol.com/news/market-cues/pre-opening-nifty-may-open-july-seriespositive-note-auto-salesfocus_6962701.html?utm_source=ref_article