As per expectations Equity benchmark indices open on flat note today due to Christmas vacation around the world. Equity indices traded on flattish move for most of the day but intense buying in the final hour of the day made the indices close on a record high, open interest is also playing vital role as on Friday open interest in Nifty and Bank nifty future has increased by 6.59% and 7.50%. Sensex closes 70.31 up points at 34010.61 and Nifty future closes 24.70 points up at 10530.15.
Shares of Anil Ambani-led Reliance firms rose significantly today on the back of announcements related to debt reduction issues. In a press conference, Ambani announced that the firm will announce the strategic debt restructuring (SDR) and have achieved full resolution for the company. “There will be no equity conversion for lenders and zero write-off to lenders,” he told media persons in Mumbai.
Shares of Anil Ambani-led Reliance firms rose significantly today on the back of announcements related to debt reduction issues. In a press conference, Ambani announced that the firm will announce the strategic debt restructuring (SDR) and have achieved full resolution for the company. “There will be no equity conversion for lenders and zero write-off to lenders,” he told media persons in Mumbai.
All sectoral indices were positive today except PSU banks which closed with a loss of 0.71%.Sectors that outperformed today were Metals and Reality and Pharma.
Bharti Airtel, Ambuja Cement and Sun Pharma were the top gainers today while SBI, Coal India and NTPC were top losers today.
We have seen in many reports and data, Indian households now prefer to invest their saving in stock market rather than FDs and purchasing gold, like previous year’s Indian market is now less dependent on foreign players to generate liquidity in the market. For Wednesday market will be in bullish trend but one thing we have to look at is the resistance of Nifty future which was at 10530 which market breached with significant high volumes and closes at a crucial level of 10530.15. If nifty future opens and sustain above the level of 10530 then the rally would be extended towards 10620-10650. And if we talk about Bank nifty future resistance will be 25800 which were earlier before. Individual stocks are performing well and should trade with proper research and knowledge. Trading strategy for Wednesday market would be buy on dips as market is in bullish trend.
RESISTANCE & SUPPORT LEVELS -:
Support of Nifty future is placed at 10490 and 10430.
Resistance of Nifty future is placed at 10570,10620 and 10710.
Support of Bank Nifty future is placed at 25500 and 25080.
Resistance of Bank Nifty future is placed at 25800 and 26200.
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Support of Nifty future is placed at 10490 and 10430.
Resistance of Nifty future is placed at 10570,10620 and 10710.
Support of Bank Nifty future is placed at 25500 and 25080.
Resistance of Bank Nifty future is placed at 25800 and 26200.
For Free Trial or Trading Tips, Please Visit www.marketmagnify.com or Give us a Missed Call on 7879881122.
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