Share Market Commentary For Today 27/12/2017

market commentaryEquity benchmark indices open again on flat note today due to Christmas vacation around the world. Equity indices traded again on flattish move for most of the day but intense selling in the final one and a half hour of the day force indices to close in red, mainly due to finance minister says government may take loans more than budget target and government will soon release financial status of debt. Sensex was down 98.80 points at 33911.81 and Nifty future was 34.40 points down at 10491.55.

Sectors that out performed today were Pharma and Media and sector that underperforms today was banking and finance service.

Sun Pharma, Tech Mahindra and Dr reddy labs were the top gainers today while Icici bank, Bharti Airtel and Ultratech cement were top losers today.

If we technically looks at today market, Bank nifty future did not breach its resistance level of 25800 and Nifty future has made shooting star candle stick pattern but confirmation yet to come, Fundamental news drag Equity indices to close in red and for Thursday market will be in consolidate to sideways movement mainly due to festive holiday season is under way. As tomorrow is Dec month derivate contract expiry we like to advise investors and traders to focus on Individual stocks as they are performing well but one should trade with proper research and knowledge. Trading strategy for Thursday market would be buy on dips as market will be in consolidate to bullish trend on expiry day.

RESISTANCE & SUPPORT LEVELS -:

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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