Stock Market Commentary :-21st-Feb-2018
Indian equity market opens today session on positive note tracking positive global cues and traded in zigzag mode for all day. From last 2 trading sessions Benchmark indices has respected their support levels and also bulls are trying to take charge from last 2 trading session. Today after zigzag movement market closes little below from the opening price which resulted in formation of hammer candlestick pattern which is bullish reversal in nature. Today Market breadth was again negative as 585 shares advances against 951 shares declines and 62 shares were remains unchanged. Nifty IT was biggest gainer today by gaining 2.33% followed by PSU Banks which gained 1.09% and on the losing side Nifty Pharma losses the most by 1.97% followed by 1.37%.
Today Sensex closed with a gain of 141.27 points at 33844.86, Nifty future closed with a gain of 45.25 points at 10389.00 and Bank nifty future closes with a gain of 56.45 points at 24916.00.
HCL Tech, Tech Mahindra and TCS were top Nifty 50 gainers today and Sun Pharma, Hindalco and Bajaj Finance were top losers today.
On expiry day, Indian equity market is expected to continue its 2 days trading behavior on expiry day as well. Market will give opportunities to both intraday buyers and sellers to earn profit with proper strategy trade. Now a day’s opportunity is not limited with stocks only but benchmark indices is also giving opportunity to earn with proper strategic trade. We again like to say that Indian equity market is looking good to invest fresh money at current stage for short term investors and for day traders market will give opportunities to buyers and sellers both. We still believe that market will be back with positive movement soon and last 2 days zigzag session is the start of that positive movement as today Nifty future has formed hammer candlestick pattern which is bullish reversal in nature. Traders should study properly before investing as market is still driven more on the basis of economic fundamental parameters and should adopt buy on dips and sell on high strategy for Thursday market with proper stop loss.
RESISTANCE & SUPPORT LEVELS -:
Support of Nifty future is placed at 10330 and 10290.
Resistance of Nifty future is placed at 10425 and 10490.
Support of Bank Nifty future is placed at 24770 and 24560
Resistance of Bank Nifty future is placed at 25350 and 25620.