Market Magnify :-Stock Market Commentary 15/12/2017

Equity benchmark indices opened on positive note on last day of the week after the exit poll results indicated that BJP will likely to win in Gujarat and Himachal Pradesh assembly election. But after gap up opening market was range bound mainly because of investors are waiting for Gujarat assembly results due on 18th December. We have also seen Indian rupee rises 19 paise to 64.15 against dollar today.  

HDFC Bank, Mahindra & Mahindra and Maruti Suzuki hit fresh record highs today, rising 2.6 %, 2.1 % and 0.7 %, respectively.

The Sensex closed up by 216.27 points at 33462.97 and the Nifty future up by 80.50 points at 10356.60.

All sectoral indices ended today session in on positive basis except PSU banks which closed with a marginal loss of 0.20%. Metal sector gained most by 2.66 % followed by Reality sector which gained by 1.68%

Vedanta, Yes Bank and M&M were the top gainers today while Tech Mahindra, Cipla and Bosch were top losers.

Market movement is currently based on Gujarat and Himachal Pradesh election results as we have seen today market has given gap up opening because of exit poll results in BJP win. As Nifty future has given breakout above the resistance level 10380 but doesn’t sustain above that level, so technically we can’t consider as breakout and will have to wait for breakout level. On Monday investors have to wait for market to sustain around higher levels for confirmation of breakout levels and we like to again advise traders and investors to remain in bullish trend and to follow buy on dips strategy and be stock specific and to do proper study before investing till the outcome of Gujarat assembly election.

RESISTANCE & SUPPORT LEVELS -:

Support of Nifty future is placed at 10130 and 10070.

Resistance of Nifty future is placed at 10400 and 10530.

Support of Bank Nifty future is placed at 25200 and 24880.

Resistance of Bank Nifty future is placed at 25660 and 25980.

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