Commentary For Today’s Stock Market : 28th-December-2017

Equity benchmark indices closed lower for the second consecutive session Thursday as the Nifty failed to hold 10,500 levels on the last day of F&O contract’s expiry. Investors also looked cautious due to rising crude oil prices and SEBI board members meeting. Indices were in sideways movement but individual stocks continue to outperform. Market breath was positive as about 1,464 shares advanced against 1,293 declining shares. Sensex was down 63.78 points at 33848.03 and Nifty future was 20.90 points down at 10479.30 due to profit booking in the later part of the day.

SEBI has given their consent on formation of universal trading exchange where trading of both commodity and stocks can be done.

Sectors that out performed today were Reality and Metal and sector that underperforms today was PSU bank and pharma.

If we closely look at Nifty future daily chart, after giving false breakout above level of 10530 it has formed spinning top candle stick pattern yesterday which shows neither bulls nor bears won battle for particular time and after long run buyers losing momentum and followed by another bearish candle today which is confirmation of the trend reversal. Nifty future has strong support at 10430 level.

If we look at Bank nifty future daily chart, it has a strong support level around 25350-25400 and it doesn’t look to break the support level nor give any indication on charts.

In this indecisive trend we advise investors and traders to focus on individual stocks with proper research and knowledge and trade with strict stop loss and avoid taking position in Index.

Trading strategy for Friday will be buying on dips and sell on high as Volatility is expected to remain near the lower-end.

RESISTANCE & SUPPORT LEVELS -:

Support of Nifty future is placed at 10430 and 10370.

Resistance of Nifty future is placed at 10570 and 10710.

Support of Bank Nifty future is placed at 25400 and 25080.

Resistance of Bank Nifty future is placed at 25800 and 26200.

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