Monday Market Over-View Update By MarketMagnify
Indian Equity benchmark indices started the week on positive note carrying Friday momentum on the back of positive global cues and as we have suggested in our last commentary, benchmark indices today traded in bullish trend thought the day and Nifty future made a high of 10614.70 (we have suggested 10610). Most of the Sectoral indices ended today session with massive gain which includes Reality sector which gained the most today by 3.13% followed by Auto and Media sector which gained by 2.24% and 1.95% and on the losing side IT sector looses the most today by 1.23% followed by PSU Banks which looses by 0.70%. Which help sensex to close with a gain of 303.60 points at 34445.75, Nifty future with gain of 89.55 points at 10594.10 and Bank nifty future with a gain of 332.60 points at 25714.15
Today Market breadth was positive as 919 shares advances against 618 shares declines and 43 shares were remains unchanged at NSE. Maruti Suzuki, Tata Motors and Larsen were top Nifty 50 gainers today and Sun Pharma, Infosys and Tech Mahindra were top losers today.
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Tuesday market is expected to be volatile session as per technical charts as Nifty future has to face crucial hurdle between 10615 to 10640 before it will continue its 2 days winning streak and the same for bank nifty future is around 25750 to 25830. We like to advice to traders that you should adopt sell on high trading strategy and buying on maximum dips with stop loss of 10645 in Nifty future and for bank nifty future stop loss would be above 25850 on sell side. Investors should adopt wait and watch strategy as there is nothing to worry till now and should watch out for resistance level in equity indices. On Tuesday market we advise traders to be stock specific rather than looking for index and should trade with proper stop loss as market is expected to trade sideways on Tuesday, and If indices break their respective resistance level then 11000 for Nifty future and 26500 for Bank Nifty future is definitely possible.
RESISTANCE & SUPPORT LEVELS -:
Support of Nifty future is placed at 10575 and 10520.
Resistance of Nifty future is placed at 10615 and 10640.
Support of Bank Nifty future is placed at 25620 and 25400
Resistance of Bank Nifty future is placed at 25830 and 26220.
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