Friday Market Commentary: 29th-December-2017
After opening on positive note equity benchmark indices continue to trade in bullish trend throughout the day and closed on very strong note on the last day of the year. Discarding technical spinning top candlestick pattern Nifty future trade higher and shows bulls are still in charge. Market breath was positive as about 1,566 shares advanced against 1,204 declining shares. Sensex was up 208.80 points at 34056.83 and Nifty future was 38.10 points down at 10556.00. Once again major movement was seen in the later part of the day.
Reliance Communications surged 28 percent on sealing wireless assets deal with Reliance Jio.
Sectors that out performed today were IT and Auto and sector that underperforms today was only Metal and Media
Despite of indecisive trend Nifty future on the last day of the year shows that bulls are still active and investors should not get misunderstood from the tiny falls in the market. Correction was part of the trend, and we had seen in past also. On the other end, Bank nifty future has respected its support level and closes around higher levels. Strong resistance level that bank nifty future has to face is at 25800 which we have said earlier. But investors should focus on individual stocks as they have plenty to offer rather being trapped in index.
Trading strategy for the first day of the year will be buying on dips and sell on high as market is expected to be low volatile because of holiday in world market and should focus on individual stocks.
Wish you very Happy New Year
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 25080.
Resistance of Bank Nifty future is placed at 25800 and 26200.
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