Equity Market Commentary Friday Market 19/1/2018
Indian Equity Indices started last day of the week with marginal gains and continued their bullish momentum from previous days throughout today session support by Public and Private sector banks. Another record breaking session for Indian indices as Indian benchmark indices and Bank nifty future closed at record high. All sector indices closed at positive note today in which PSU bank gained the most by 2.18% followed by private banks which gained by 1.31%. 815 shares gained, 755 shares looses and 31 shares remained unchanged from NSE.
Sensex closes 251.29 points up at 35511.58, Nifty future closes 105.20 points up at 10916.00 and Bank nifty future closes 394.80points up at 26894.20
Adani Ports, Bajaj Finance and Yes Bank future were top Nifty 50 gainers today and Ambuja Cement, Ultratech Cement and Infosys were top losers today.
Bullish momentum in Indian market is supported by domestic and foreign liquidity and also strong fundamentals which helped indices to closed at record high. Start of Monday market is based on Nifty heavyweight stock Reliance Industries which result is due today and Indices may continue this week momentum at start of next week as this week market closed at very strong note. Technically next trend line resistance level is placed around 11030-11080 which is very much possible for Nifty future market is in bullish trend and traders should follow buying on dips approach with strict sop loss till market gives confirmation of trend reversal.
RESISTANCE & SUPPORT LEVELS -:
Support of Nifty future is placed at 10860 and 10800.
Resistance of Nifty future is placed at 10955 and 11040
Support of Bank Nifty future is placed at 26750 and 26440
Resistance of Bank Nifty future is placed at 27020 and 27350.