Commentary For Monday Market 8/1/2018
Indian equity benchmark indices started the week on very strong note tracking positive global cues, Market was opened gap and then traded in narrow range as neither bulls and bears want to give up, there were opportunities for both buyers and sellers and yet again indices closed on record high. Sensex was up 198.94 points at 34352.79 and Nifty future was up 58.20 points at 10631.40. The market breadth was positive on NSE today as 1104 shares advanced, against a decline of 726 shares and 51 shares remained unchanged.
All indices traded positive on Monday session expect once again PSU banks which closes with marginal loss of 0.16%. Pharma and IT sector ended with most gain of 1.41% and 1.23%
Coal India, Lupin and Infosys were top gainers today and Idea Cellular, Bharti Infratel and ONGC were top losers today.
Bank Nifty future did not breached its resistance level of 25800 today and the way Nifty future traded throughout the day after gap up opening suggested that we can’t ignore bears from the market. Nifty future today has formed small bullish candle with gap up opening suggested that we have to wait for confirmation either for bullish or bearish market. Bank nifty future from past 2 days closed in green but PSU bank has not taken any part in it. 25800 is very crucial level for bank nifty future and we advise investors to trade cautiously on Tuesday session as market may correct from current levels till confirmation. Trading strategy for Tuesday session will be selling on high and buying on dips till Index breaks its crucial resistance level and to focus more on individual stocks as they will keep performing as they are doing.
RESISTANCE & SUPPORT LEVELS -:
Support of Nifty future is placed at 10570 and 10520.
Resistance of Nifty future is placed at 10650 and 10710.
Support of Bank Nifty future is placed at 25580 and 25400.
Resistance of Bank Nifty future is placed at 25800 and 26080.
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