Commentary For Thursday Market 4/1/2018
Indian equity benchmark indices started today session on positive note tracking positive global cues and traded in bullish trend throughout the day and most important closing of today market was very strong and suggested bulls have again taken charge, European market was also opened on positive note which helped Indian indices to gain further. We have seen a good rally in Public Sector Banks and Metals stock today.
Sensex was up 176.26 points at 33969.64 and Nifty future was up 65.60 points at 10536.75. The market breadth was positive on NSE today as 1029 shares advanced, against a decline of 543 shares and 30 shares remained unchanged.
All indices traded positive on Thursday session expect Auto and Reality sector which closes with marginal loss of 0.20% and 0.19%, Metal and PSU banks ended with gain of 2.79% and 2.69%
Tata Steel, Larsen and Turbo and ONGC were top gainers today and Tata Power, Tata Motors and Eicher Motors were top losers today.
Today’s closing was an indication of bulls have taken charge again and strong closing today suggested what we can aspect from the market in coming days. Technical charts of both indices Nifty and Bank Nifty future shows on buy signal but we should be little careful as Nifty future has not break its resistance level of 10570 but it seems like index will break it soon. Next possible level of Nifty future would be 10650-10680 after breaking resistance level and bank nifty future can test its resistance level of 25800 in coming days. Any further downfall will gives an opportunity to buy till Nifty future breaks level of 10430 which is again very important. Traders should adopt buy on dips strategy but again we have to say that real opportunities are hidden in individual stocks and they will continue to reward as long as you follow the rules.
RESISTANCE & SUPPORT LEVELS -:
Support of Nifty future is placed at 10430 and 10370.
Resistance of Nifty future is placed at 10570 and 10710.
Support of Bank Nifty future is placed at 25400 and 25250.
Resistance of Bank Nifty future is placed at 25600 and 25800.
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