Stock Market Commentary 2nd-Jan-2018
Indian market indices were under pressure from the start of the day, market was bearish in the first hour of the day and after that market has something for everyone (for bulls and for bears). As we had said in our last commentary crucial support for nifty future is 10430 which nifty future doesn’t breached on Tuesday session. Spot indices ended the session on flat note and future indices ended with loss.
Sensex was down 0.49 points at 33812.26 and Nifty future was 35.35 points down at 10463.35. The market breadth was narrow on BSE as 1152 shares advanced, against a decline of 1687 shares
All indices traded mixed on Tuesday session, Nifty Metal ended session with most gain by 0.60% and PSU bank were on the most losing side by 1.49%
Tata Power, Tata Motors and Bharti Infratel were top gainers today and Eichers Motors, Idea and Bharti Airtel were top losers today.
We had seen market was under pressure from last 2 days but Nifty future has still not break its most crucial support level of 10430. If we closely observe Nifty future movement we can see that it has not sustained below 10450 levels throughout the day. We still believe that market will gain bullish momentum till Nifty future breaks down the level of 10430.Investors still not have to worry because individual stocks will continue to give them ample of opportunities to earn in the market. Trading strategy for Wednesday market will be buying on dips till index break their respective support level as market is expected to bounce back from support level.
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 25250 and 25080.
Resistance of Bank Nifty future is placed at 25500 and 25800.
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