As we said Nifty future has breakdown its support level and downward movement is expected in Wednesday trading session, our market continues negative movement.
Widening in trade deficit, slowdown in factory output and hike in crude oil prices let equity indices to fall for third consecutive session.
Nifty Future closes 79.25 points down at 10154.35 and sensex was down by 181.43 points at 32760.44.Nifty metals today fell by 2.96% followed by Nifty pharma by 1.99%.
BPCL, Asian paints and Tech Mahindra are the top gainers today and Bharti Airtel, Vedanta and Sun Pharma end on the losing side.
Market Outlook for tomorrow -
As we suggested downward movement is expected in Nifty future but according to Elliot wave theory (which says every action is followed by reaction) upward correction is expected on Thursday trading session which is a start of 1ST corrective wave (which will be in opposite trend) in downward trend and we aspect market to be bullish on Thursday trading session.
Trading strategy for Thursday will be buy on dips as market trend is looking from consolidate to bullish.
RESISTANCE & SUPPORT LEVELS -
Support of Nifty future is placed at 10100 and 10020.
Resistance of Nifty future is placed at 10240 and 10380.
Support of Bank Nifty future is placed at 25230 and 25100.
Resistance of Bank Nifty future is placed at 25550 and 25720.
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