Commentary for Today’s Share Market : 21th December 2017
Equity benchmark indices opened flat today tracking mixed global cues and no major directional movement along with low volumes seen today but Nifty Midcap closed at record high, up for 6th consecutive session. Sensex was down by 21.10 points at 33756.28 and Nifty future was down by 7.70 at 10462.45.
DB Realty (locked at 20 percent upper circuit), Unitech (up 12 percent), Sun TV Network (4.5 percent) and Reliance Communications (4 percent) reacted strongly to 2G spectrum case verdict.
Private banks, auto and FMCG stocks were under pressure while technology, metals and pharma stocks gained.
Idea, HCL Tech and Larsen were the top gainers today while M&M, Bajaj finance and HPCL were top losers today.
Market had given us the indication what will be coming in next trading session and also next week as market will continue its sideways movement along with low volumes for tomorrow and next week also as its is generally holiday period for foreign investors on Christmas and new year. Investors should remain caution as profit booking is expected on Friday session and after that long weekend is waiting. Hence, we advised not to trade aggressively in the index but the way some of the individual stocks gave a magnetic move was very much on our expected lines. Traders are advised to keep a close track of the trading range 10430 – 10530 in Nifty future and key resistance level of bank nifty future is 25800
RESISTANCE & SUPPORT LEVELS -:
- Support of Nifty future is placed at 10430 and 1038.
- Resistance of Nifty future is placed at 10530 and 10620.
- Support of Bank Nifty future is placed at 25500 and 25080.
- Resistance of Bank Nifty future is placed at 25800 and 26200.
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