Indian benchmark indices gained after 3 consecutive session of looses. Nifty future closes with gain of 96.55 points at 10250.90 and sensex closes with a gain of 346.38 points at 33106.82. Index heavy weight stocks Infosys, SBIN, Reliance Ind and TCS to gain momentum and closed in green.
All the sectoral indices ended in green with PSU bank topping the list which was up by 3.2% followed by I-T sector which was up by 1.75%.
Infosys, Tata Power and Bajaj Finance are the top gainers today and Adani Port, Coal India and BPCL are the top losers.
As we suggested upward movement is expected in Nifty future on Thursday trade as according to Elliot wave theory Corrective wave will start on Thursday and the point is corrective wave is not ended yet we may see upward movement continues in Indian market indices on Friday as well. Market has changed its trend and we should not forget that market is in bearish trend and this is just a corrective wave which would be followed by 2nd impulse wave in down trend. We aspect market to be in consolidate to bullish trend technically on Friday.
Trading strategy for Friday will be buy on dips as market trend may be consolidate to bullish.
MARKET LEVELS FOR TOMORROW -
Support of Nifty future is placed at 10100 and 10020.
Resistance of Nifty future is placed at 10310 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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