COMMENTARY 31-OCT.-2017
Yet another session of consolidation in the market as Nifty open on a negative note and moved in the narrow range of 35 points on the last day of the month, as most benchmark indices of Asia open in red and also investors awaits for result of FOMC’s two day policy meeting that will begin tonight. Reality sector added 2.89% gain intraday on Tuesday and on the down side again PSU bank drag the most by 2.14% followed by metals which is down by 1.71%.
HPCL will acquire MRPL in a share swap deal to become India’s second largest oil refinery. Bharti Infratel to buy Indus Towers which help stock to gain 3.5%
COMMENTARY 1-NOV.-2017
On Wednesday market is expected to be in consolidated phase as investors will be waiting for outcome of FOMC’s policy meetings and more corporate earnings for clues where market will be heading. As we said market is clearly stock specific now and would again like to suggest our traders to trade stock specific as index seems to be range bound on Wednesday as well. Bank Nifty future is consolidating in a narrow range of 24880-25120 and breakout on either side will invite movement in the market.
- Support of Nifty future is placed at 10280 and 10200.
- Resistance of Nifty future is placed at 10400 and 10490.
- Support of Bank Nifty future is placed at 24880 and 24550.
- Resistance of Bank Nifty future is placed at 25120 and 25685.
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