Stock Market Commentary By Market Magnify
Equity benchmark indices trades range bound today as investors waits for RBI policy on Wednesday this week and midterm review of foreign trade policy. Sensex closed at 32869.72 up by 36.78 points at 32832.94 and Nifty future closed 11.75 points up at 10166.
Biocon gain more than 14 % percent as the US FDA approved Mylan and Biocon’s Ogivri, the first biosimilar for Trastuzumab, for the Treatment of HER2-Positive breast and gastric cancers.
Infosys Board appoints new CEO & MD Salil Parekh which helped stock to gain 2.77% today
Sectoral indices closed mixed today in which IT sector gained most by 1.22 % followed by metal sector and private bank fell most by 0.59 % followed by Reality sector.
Infosys, Hcl Tech and hindalco were the top gainers, while UPL, Bharti Infratel and Coal India lost the most.
Nifty future didn’t breached its crucial support level of 10125 today and Bank nifty future breached its crucial support level of 25200 but didn’t sustain below it and closed at 25242. Volatility may continue on Tuesday market as well as investors will wait for RBI monetary policy which is due on Wednesday. Support of Nifty future 10125 is very crucial and which can decide further market trend as indices may take their respective support and may bounce from here but we like to advise traders and investors to remain caution and to 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 25000 and 24600.
Resistance of Bank Nifty future is placed at 25660 and 26010.