Another session where bulls have dominate the market and it’s been re-write story from last couple of days. Today market was open on positive note supported by Asian stocks which advances after US senators struck a deal to end a three-day government shut down. For the first time Nifty future closes above 11000 mark and Benchmark indices closes on fresh record high is seem like normal from last couple of days. All sectoral indices closed in green today except Media which ended the session with marginal loss of 0.25%, in buying momentum Metal and PSU banks gained the most by 4.07% and 3.97% which helped Bank Nifty future to gained 366.30 points or 1.36%. Today Sensex closed with a gain of 341.97 points at 36139.98, Nifty future closed with a gain of 117.10 at 11085.10. Advance and decline ratio was narrow as 733 shares gained, while 800 shares loose and 43 shares remained unchanged from NSE.
Vedanta, Hindalco and SBI were top Nifty 50 gainers today and Ambuja Cement, Eicher Motors and Wipro were top losers today.
As we have said in our last couple of reports that next level of Nifty future will be In between 11040-11080. Now we have to look at 2 things that Nifty future is facing upward sloping trend line resistance on weekly chart at current levels and Both Bank Nifty and Nifty future is now trading in overbought zone, but still we are missing confirmation, Nifty future carries momentum which may help to test 11115-11130 levels. We advise to our readers to stay light with your position especially now and strategy for Wednesday market will be Selling on high as we expect Indices to trade in correction zone tomorrow.
RESISTANCE & SUPPORT LEVELS -:
Support of Nifty future is placed at 11000 and 10880.
Resistance of Nifty future is placed at 11120 and 11190 .
Support of Bank Nifty future is placed at 27200 and 26950
Resistance of Bank Nifty future is placed at 27490 and 27670.
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