Stock Market Commentary 12th-Jan-2018 (Friday)
It’s been the roller costar day for Indian equity market as Indices open on record high but couldn’t sustain for long after Supreme Court judges said the working of top court is not in order. Market fall towards this week low level but quickly reversed to close at record high. Today market has something for everyone and shows that market still is in bullish trend and one should not carried away from little corrections. Benchmark Indices closes on positive note as Sensex closed at 88.90 points up at 34592.39 and Nifty future closed at 32.30 points up at 10686.35. Market breath was negative despite indices closed at record high as 755 shares gained while 1045 shares losses in NSE and 53 shares remained unchanged.
Sector indices traded mixed today in which Media and Metal gained the most by 1.71% and 0.62% and reality and FMCG sector looses the most by 1.46% and 0.41%
ICICI Bank, Bharti Infratel and ZEEL were top Nifty 50 gainers today and UPL, Auro Pharma and Lupin were top losers today.
Market is in dramatic situation now because if we see Nifty future daily chart it has formed perfect hanging man candle stick pattern at the top after giving gap up opening today which shows reversal and regularly negative market breath also suggesting correction in stocks already. And if we see Bank Nifty future daily chart it has formed hammer candlestick pattern below its strong resistance level of 25800 which suggest strong bullish movement. In this dilemma situation we should wait till proper breakout above resistance level and breakdown below support level and before that traders should adopt buying on dips and selling on high and with proper entry and exit trading strategy.
RESISTANCE & SUPPORT LEVELS -:
Support of Nifty future is placed at 10590 and 10520.
Resistance of Nifty future is placed at 10710 and 10760.
Support of Bank Nifty future is placed at 25550 and 25400.
Resistance of Bank Nifty future is placed at 25800 and 26200.
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