Another range bound session of Indian benchmark indices had once again closes on a positive note and also continue its sideways movement on Thursday as well. There is no clear trend where market is heading towards. Both Nifty and Nifty Bank are in the sideways movement whereas market breadth was positive this time as 1442 shares advanced against a decline of 1255 shares. Nifty future closes with gain of 12.15 points at 10370.10 and sensex closes with a gain of 26.53 points at 33588.08.
Nifty IT ended the session on positive note ended with gain of 1.02% and Nifty PSU bank closes with a loss of 0.36%
Infosys, Sun pharma, Reliance are the top gainers today and Idea, Dr Reddy Labs and Adani ports are the top losers.
After 3 consecutive range bound session the only thing which is positive is Nifty closing, which is continuously positive and last 3 day high of Nifty future is around 10389 which is now strong resistance level. Traders can enter in Nifty future above the breakout of 10390 and in bank nifty future above 25850. As we said last Friday gap area is still considered strong support zone in near term.
Trading strategy for Friday 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 257650 and 25550.
Resistance of Bank Nifty future is placed at 25850 and 26010.
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