Commentary For Today’s Stock Market 1st January (Monday)
It’s been really tight kfight between bulls and bears for most of the day as we have just seen yet another session of tight range in index mainly because of rest of the world market are closed due to 1st day of year and selling pressure drag indices to close more than 0.50% down in the later part of the day but individual stocks has its own run in the market as most of the individual stocks has given investors opportunities to earn.
Sensex was down 244.08 points at 33812.75 and Nifty future was 66.90 points down at 10490. The market breadth was narrow on BSE as 1665 shares advanced, against a decline of 1246 shares, while 746 shares were unchanged.
Only Reality sector seen to close in green today by marginal gain of 0.23% and rest of the sectors were closed in red today in which Auto and Finance service sector losses the most by 0.99% and 0.97%
Tata Power, Coal India and Wipro were top gainers today and Idea, Bharti Airtel and TCS were top losers today.
In last five trading session of holidays in world market we have seen tight range in indices but 3 out of five times bears had won the battle but all trading was done in a particular range i.e. (10566-10470). From tomorrow most of the world market will be on their desk. There is 2 major support level that Nifty future has to breach is 10470 and 10430 for further bearish movement and in upside 10570 will be act as strong resistance level and Bank nifty future is 25400 on closing basis. But investors will not have to worry because individual stocks will give you ample of opportunities to earn in the market. Trading strategy for Tuesday market will be buying on dips till index break their respective support level as market is expected to bounce back from support level.
RESISTANCE & SUPPORT LEVELS -:
Support of Nifty future is placed at 10470 and 10430.
Resistance of Nifty future is placed at 10570 and 10710.
Support of Bank Nifty future is placed at 25400 and 25080.
Resistance of Bank Nifty future is placed at 25800 and 26200.
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