Stock Market Commentary for Monday : 18th December
Equity benchmark indices opened on negative note as Nifty future open nearly 160 points down on Monday trade mainly due to voting counts indicated that BJP is leading in both states (Gujarat and Himachal Pradesh) but with small margin. After early fall in the market, it is U- turn for the equity benchmark indices as Bank Nifty future recovered 1700 points and Nifty future recovered nearly 360 points within an hour from day low and as vote counts indicated the BJP is set to win Gujarat and Himachal Pradesh after that market moved in sideways movement..
The Sensex was up by 138.71 points at 33601.68 and the Nifty future up by 51.45 points at 10410.95.
All sectoral indices ended today session in on positive basis except Reality sector which closed with a marginal loss of 0.50%. PSU banks gained most by 2.35 % followed by Metal sector sector which gained by 1.66%
Vedanta, Hindalco, Cipla were the top gainers today while Yes bank, Hpcl and Tech Mahindra were top losers.
Market reacts positively on the outcome of Gujarat and Himachal Pradesh election results and will continue the positive impact in near term also. Volatility will be continuing in the market on Tuesday market as well. Market trend is bullish and as Nifty future had break its crucial resistance level and also close above it 10380. We like to suggest investors and traders to be in buying trend and use every dip in the market as an opportunity to buy and trade with proper stop loss as market will continue its volatility on Tuesday as well and to do proper study before investing.
Nifty Support and Resistance Levels
Support of Nifty future is placed at 10350 and 10230.
Resistance of Nifty future is placed at 10460 and 10530.
Support of Bank Nifty future is placed at 25450 and 24970.
Resistance of Bank Nifty future is placed at 25800 and 26200.
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