Thursday Market Commentary
Indian Equity benchmark indices opened gap up today tracking strong global cues. Apart from
1ST hour of the day market was in favor of bulls and ended its 6 day fall with a strong up move. Despite strong bullish up move stocks seems not to be a part of today rally as overall Advances were 741 shares and Declines were 804 shares and 69 shares were unchanged, which is a point of concern. Nifty future and Bank Nifty future were still trading under their crucial resistance level of 10300 and 24600. Today all indices were traded mixed in which PSU Banks gain the most by 2.80% followed by Finance sector which gained by 1.54% today and in negative side Metal sector today looses most by 0.45% followed by FMCG sector which looses by 0.41%
Sensex today close with a gain of 318.48 points at 33351.57, Nifty future with gain of 71.40
points at 10242.95 and Bank nifty future with a gain of 293.85 points at 24508.05. SBI, ICICI Bank and Adani Ports were top Nifty 50 gainers today and Sun Pharma, Tata Steel and Yes Bank were top losers today at NSE.
Friday Market Recommendation
Indian market is trading on market sentiments and economic news whether it is domestic or global news. 24600 for Bank Nifty future and 10300 for Nifty future is very crucial level and will decide market movements in coming days. We should advise traders and investors to buy fresh position only if this level breaks out as indices will be heading towards 10600 and 25500 in coming days and if indices don’t break through these crucial levels then there is possibility that we could see new 2018 low in benchmark Index. Today India VIX was closed -7.10% down which is another positive for the market. New market rally is in the process and traders should wait for confirmation.
RESISTANCE & SUPPORT LEVELS -:
Support of Nifty future is placed at 10175 and 10120.
Resistance of Nifty future is placed at 10300 and 10410.
Support of Bank Nifty future is placed at 24240 and 23960
Resistance of Bank Nifty future is placed at 24600 and 24820
JINDAL STEEL FUT
We recommended traders to BUY JINDAL STEEL FUT AROUND 235-236 level for a target of 237-240 may achieved with a stop loss of 233.
BAJAJ ELEC
We recommended traders to BUY BAJAJ ELEC ABOVE 567 level for target of 572-578 may achieved with a stop loss of 562.
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