Stock Market Commentary
Equity benchmark indices starts December month series on negative note. It was only start of the day where market is positive thanks to encouraging Q2 GDP data and rest of the day market was in bearish trend as investors were cautious ahead of RBI policy, FOMC meet and Gujarat Assembly elections. Due to which Sensex closed below 33000 mark, down by 316.41 points at 32832.94 and Nifty future closed 123.95 points down at 10188.75.
All sectoral indices closed in green in which PSU banks feel the most by 2.33% followed by Media and Reality at 1.99% and 1.98%
Bharti Infratel, Kotak Bank and Ambuja Cement were the top gainers, while Tata Power, Tech Mahindra and Vedanta lost the most.
Nifty future and Bank nifty future now at its very crucial support level if we closely observe Nifty future chart we can see double top price pattern on daily chart and breakdown can be consider below (10125-10110) level and but support of 200 moving average is at around 10050 level and if we talk about bank nifty future, which is also at very crucial support level around (25250-25210). Indices may take their respective support and may bounce from here but 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 10110 and 10000.
Resistance of Nifty future is placed at 10310 and 10440.
Support of Bank Nifty future is placed at 25210 and 24600.
Resistance of Bank Nifty future is placed at 25660 and 26010.