Our market open on positive note as Sensex hit fresh record high following positive global cues and after that indices turned lower on profit booking and rise in crude oil prices which added further pressure in INR and index which resulted in all indices to close in the red except Nifty IT.
Bank Nifty future closes 230.25 points down at 25388.45 and Nifty future closes down 79.50 points at 10410.05.
Nifty IT is the only index which closes in green added 2.22%. Nifty Pharma and PSU Banks looses by 4.29% and 3.92%. HCL Tech, Infosys and HPCL are the top gainers today and Lupin, Cipla and SBI end on the losing side.
We have to be caution on rise in price in crude oil as this will lead to increase pressure on INR and which puts further pressure to stock market.
As we said earlier market is in buying trend and market have support to its bullish rally but the risky to this rally is from other countries and also rise in crude oil prices which puts further pressure to indices. As Bank Nifty future is at its upward sloping trend line support level trading strategy for Wednesday should be buying on dips as there is bit more in the market and also trend of the market is bullish as there is no sign of trend reversal till now investors should use this market fall as an opportunity to add fresh buying in your portfolio.
Resistance & Support Levels -
Support of Nifty future is placed at 10360 and 10290.
Resistance of Nifty future is placed at 10475 and 10550.
Support of Bank Nifty future is placed at 25300 and 25110.
Resistance of Bank Nifty future is placed at 25500 and 25720.
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