Indian Equity benchmark indices opened gap down today tracking week global cues and was again driven by external and internal both economic news, both Nifty future and Bank Nifty future were down by 0.75% in early trade today after US President Donald Trump shows concerns of a global trade war. After gap down opening indices were traded in sideways movement throughout the day. Heavy looses in Metal, Auto and FMCG sector causes Nifty future to close in red for fourth consecutive trading day. Apart from PSU Banks and IT sector which marginally gained by 0.06% and 0.69% and rest of the indices ended today session in red in which Metal sector fell most by 3.28% followed by Auto sector which fall by 1.57% today.
Sensex today close with a loss of 300.16 points at 33746.78, Nifty future with loss of 99 points at 10357.55 and Bank nifty future with a loss of 70.25 points at 24868.20. Today only 314 shares advanced against 1250 shares decline today on NSE and 60 shares remained unchanged today at NSE
Tech M, Sun Pharma and TCS were top Nifty 50 gainers today and Tata Motors, Hindalco and Auro Pharma were top losers today at NSE
Now we are around at crucial support of Nifty and Bank Nifty future which is 10300 and 24380-24600 and breakdown of above mentioned levels on closing basis will be followed by directional down ward movement in both of the indices. On Tuesday market indices can test their respective support levels and we aspect indices to correct from support levels. FII were net seller for 8 consecutive days before they were net buyer by 241.85 cr on 1st-Mar-2018. Indian Market will need solid reason to breakdown their crucial support level and this is an opportunity for traders and investors to earn big. Trading strategy for Tuesday market will be Buying on dips around 10300-10310 with a stop loss of 10285 and also market is expected to trade in sideways movement till they break their respective support level
RESISTANCE & SUPPORT LEVELS -:
Support of Nifty future is placed at 10315 and 103280.
Resistance of Nifty future is placed at 10400 and 10445.
Support of Bank Nifty future is placed at 24600 and 24380
Resistance of Bank Nifty future is placed at 25050 and 25280
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