Tuesday Market Commentary By MarketMagnify

Indian equity benchmark indices started today session on slightly positive note tracking positive global cues, Indices were trading in a sideways movement throughout the day. Nifty future was opened gap by 14 points and then traded in narrow range of 40 points throughout the day and closes range bound session at new closing high. Sensex was up 90.40 points at 34443.19 and Nifty future was up 15.50 points at 10646.90. The market breadth was negative on NSE after long time today as 754 shares advanced, against a decline of 1052 shares and 50 shares remained unchanged.

Indices traded mixed on Tuesday session, Reality sector gained most by 2.81% and Media sector looses the most by 1.23%

Coal India, Yes Bank and Wipro were top Nifty 50 gainers today and Zeel, Eicher Motors and Hindalco were top losers today.

We do not see trading opportunities in Index future because the kind of movement we have seen in Index future doesn’t give any clear path for next trading session we continue to advise our traders and investors to trade with caution and remain light in Index future as trading opportunities we have seen outside index is much more fascinating and should focus on individual stocks with proper entry and exit strategy. 25800 is still very crucial resistance level for bank nifty future. After seeing last two trading days we can expect small correction in the market in the form of profit booking. Trading strategy for Wednesday session will be selling on high and buying on dips till Index breaks its crucial resistance level and to focus more on individual stocks.

RESISTANCE & SUPPORT LEVELS -:

1. Support of Nifty future is placed at 10570 and 10520.
2. Resistance of Nifty future is placed at 10660 and 10710.
3. Support of Bank Nifty future is placed at 25580 and 25400.
4. Resistance of Bank Nifty future is placed at 25800 and 26080.

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