Our market set record fresh high on Friday powered by liquidity and this time it is from domestic investors and from global cues. Sensex closes 112.34 points up at 33685.56 and Nifty future closes up 31.80 points at 10486.80. PSU banks added the most 2.93% helped by positive result of PNB profit for the quarter increased to Rs. 560.6 cr which help bank nifty future to gain 0.79%.
Sbin,Tata motors and indusind bank are the top gainers today and Power grid, sun pharma and bpcl end on the losing side.
As we see Bull Run is powered by liquidity but key risk to the market rally is external geopolitical tensions specially from the far east which could reduce liquidity from the market which may results in additional selling pressure to the market. As we said earlier, investor should continue to focus on individual stocks and as corporate earnings is going on. Investors are advised to stay light as Nifty started to be oversold investors should not take any undue risk. Trading strategy for Monday should be buying on dips as there is bit more in the market and also trend of the market is bullish.
RESISTANCE & SUPPORT -
Support of Nifty future is placed at 10420 and 10360.
Resistance of Nifty future is placed at 1050 and 10620.
Support of Bank Nifty future is placed at 25400 and 25340.
Resistance of Bank Nifty future is placed at 25710 and 25950.
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