Stock Market Commentary
Equity benchmark indices open on negative note tracking Asian market on last day of the month and continue its down trend throughout the day as we said Nifty future is moving in a channel and breakout on either side will attract directional movement. India reported a fiscal deficit of Rs 5.25 lakh crore for April-October, or 96.1 % of the budgeted target for the current fiscal year that ends in March 2018.The deficit was 79.3 % of the full-year target during the same period a year ago, which causes indices to fall in last hour of the day.
Reality is the only sector which ended with a gain of 1.12% rest of the indices closed in red in which PSU banks fell the most by 2.31% followed by private bank by 1.81%.
Gail, Bosch and Idea were the top gainers, while UPL, Hindalco and SBI lost the most.
Tomorrow market will depend on national and international data as investors for GDP data for july-sept quarter, government well unveil midterm review of the foreign trade policy today and also outcome of OPEC meetings will impact tomorrow market.
We like to advise traders and investors to remain caution as Nifty future had breakdown its channel support level and be stock specific and to do proper study before investing and looking at this uncertainty, we advise traders to remain light and follow strict stop losses for existing positions
RESISTANCE & SUPPORT LEVELS -:
Support of Nifty future is placed at 10190 and 10050.
Resistance of Nifty future is placed at 10350 and 10440.
Support of Bank Nifty future is placed at 25230 and 25090.
Resistance of Bank Nifty future is placed at 25660 and 26010.