Indian benchmark indices ended the session on a positive note. Nifty future closes with gain of 31.15 points at 10351.90 and sensex closes with a gain of 118.45 points at 33478.35. After gap up opening market was in consolidation phase and after 2 pm Indian indices started falling tracking weakness in European stocks due to German political uncertainty.
Nifty pharma ended the session with gain of 2.22% followed by Nifty media closes with 0.87% gain and Nifty reality closes w ith a gain of 1.14%
DR Reddys, Sun pharma and Tech Mahindra are the top gainers today and Coal India, ITC and Ambuja Cements are the top losers.
Nifty is in sideways movement and weakness in European stocks due to political uncertainty can further drive market in downside. Although Bank Nifty has been an out performer during last week but we have seen stock specific movement within banking stocks. Traders are advised to follow stock specific movements and for index Friday gap area is considered strong support zone in near term.
Trading strategy for Wednesday will be buy on dips as market trend may be consolidate to bullish till market breakdown the gap area.
RESISTANCE & SUPPORT LEVELS -
Support of Nifty future is placed at 10310 and 10265.
Resistance of Nifty future is placed at 10390 and 10510.
Support of Bank Nifty future is placed at 25740 and 25550.
Resistance of Bank Nifty future is placed at 25940 and 26010.
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