Friday Market Commentary Update 23rd February 2018
Finally after 4 days of consolidation and zigzag movements we have witness directional movement in favor of bulls as Indian equity market opens today session on positive note backed by positive global market mainly due to Federal Reserve official eased investors worries that central bank might raise interest rates aggressively this year. All sectoral indices traded in green at the start of market. Both Nifty and Bank nifty future opens just below their respective crucial resistance level which we had mentioned in our previous commentary i.e. 10410 and 25010 and after breakout of their respective resistance level indices traders in bullish trend for rest of the day, which help sensex to close with a gain of 322.65 points at 34142.15, Nifty future with gain of 117.90 points at 10507 and Bank nifty future with a gain of 419.00 points at 25404.70.
Today Market breadth was positive as 1194 shares advances against 349 shares declines and 49 shares were remains unchanged at NSE. All indices traded on positive note today with Metal sector ended today session with most gains by 3.19% followed by pharma sector which gained by 2.64%.
Tata Steel, Sun Pharma and UPL were top Nifty 50 gainers today and Gail, Asian Paints and Eicher Motors were top losers today.
Monday market is expected to continue its bull run and we expect Nifty future to touch 10610 soon as next hurdle Nifty future will face is between 10615-10640 which is again very crucial and breakout of above mentioned level will help Nifty future to back on track of 11000 mark, but 11000 mark will take some time. If we talk about Bank Nifty future next hurdle will be around 25750-25830 and after breakout 26500 will be on charts. As we have continuously mentioned that market is full of opportunities and it will further continue in coming trading sessions. Traders should study properly before investing as market is still somehow driven more on the basis of economic fundamental parameters and should adopt buy on dips and sell on high strategy for Monday market as well with proper stop loss.
RESISTANCE & SUPPORT LEVELS -:
Support of Nifty future is placed at 10455 and 10400.
Resistance of Nifty future is placed at 10570 and 10615-10640.
Support of Bank Nifty future is placed at 2275 and 24980
Resistance of Bank Nifty future is placed at 25660 and 25830.