MARKET OUTLOOK

After gap down opening Indian equity benchmark indices is in consolidation phase after the S&P reaffirmed India rating and weak Asian market. After opening of European market found some momentum and Late recovery helps Indian market indices to close in green for 8th consecutive session which is led by banking and financial sector as sensex closed with a gain of 45.20 at 33724.44 and Nifty future closed with a gain of 9.15 at 10418.50. Nifty midcap rose half a percent to end at record high.

Looses were only seen in Nifty metals and FMCG sector both indices down by 0.69% and 0.25%, rest of the indices end with little gain in which Nifty Media closes with gain of 2.19%

NTPC, Axis Bank and Zee Ent were the top gainers today and HPCL, Adani Ports and Infosys were the top losers.

Market is looking in consolidation to bullish trend for Tuesday session as well as Nifty future and Bank Nifty future both closes above its resistance level and also technical indicator shows bullish trend is not over yet. As we had seen from 17 Nov Nifty future is moving in particular channel and to continue its bull run it has to break channel resistance level of 10440-10450 which is very crucial and bank nifty future crosses its hurdle of 25890-25920 level today and closes at 25938.80, which had been strong resistance zone. Federal Reserve will be in focus for U.S monetary policy this week as investors will look for fresh clues for market trend ahead. 

Trading strategy for Tuesday will be buy on dips as market trend is looking consolidate to bullish but major resistance level will be 10450 for Nifty.

RESISTANCE & SUPPORT LEVELS - 

Support of Nifty future is placed at 10330 and 10265.

Resistance of Nifty future is placed at 10430 and 10530.

Support of Bank Nifty future is placed at 25880 and 25650.

Resistance of Bank Nifty future is placed at 26010 and 26140.

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