Indian Equity Indices continued their bull run at the start of Thursday market as Sensex, Nifty future and Bank nifty future trading at all time high supported by global cues and on expectation that government will soon allow FDI investment in private sector bank up to 100% and in public sector banks up to 49%. Despite indices traded and closed at all time high market breadth was highly negative today as only 237 shares advances against 1333 shares declined and 40 shares remain unchanged. Market was highly volatile today and once again closes at record high.
Sensex closes 178.47 points up at 35260.29,Nifty future closes 19.00 points up at 10810.80 and Bank nifty future closes 209.45 points up at 26499.40.
ITC, UPL and HDFC bank were top Nifty 50 gainers today and Bharti Infratel, Adani Ports and Hindalco were top losers today.
After giving gap up opening Nifty future has formed hanging man candlestick pattern and bank nifty future formed spinning top candlestick pattern today, both pattern shows negativity and trend reversal subject to confirmation on next day. 4 days before Bank nifty future shows buy signal and Nifty future shows sell signal and we all know bank nifty future gain 735 points supported by fundamental news and nifty future gained only 67 points on closing basis but now both indices facing upward sloping trend line resistance on daily chart and both has formed trend reversal candle stick pattern and market breadth from last 2 weeks is continually negative despite market regularly closes at record high which implied negativity. We have to wait for confirmation of the pattern and we expect market will correct 3-4% from here. Trading strategy for Friday market will be sell on high and buying on dips as market will be range bound to negative on Friday.
RESISTANCE & SUPPORT LEVELS -:
Support of Nifty future is placed at 10770 and 10680.
Resistance of Nifty future is placed at 10845 and 10910.
Support of Bank Nifty future is placed at 26310 and 26100
Resistance of Bank Nifty future is placed at 26650 and 26790.
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