Stock Market Commentary For Today 22/12/2017

Stock Market Commentary For Today 22/12/2017

Equity benchmark indices open again on flat note today but market was in different mood as market was in bullish trend throughout the day tracking positive Asian markets and backed by Oil, Technology & Financial stocks, broader market also participated in the rally and both ended at fresh record high. Sensex was up by 184.02 points at 33940.30 and Nifty future was up by 43.00 at 10505.45.

All sectoral indices were positive today except Metal sector which closed with a marginal loss of 0.01%.Sectors that outperformed today were Technology, Banking, Oil and Finance.

Tata Consultancy Services shares gained 2.5 percent intraday on Friday after the renewal of big contract with Nielsen, a television rating measurement firm. India’s leading IT exporter has bagged a USD 2.25-billion outsourcing contract from the US firm.

ONGC, Bajaj Finance and Tcs were the top gainers today while Ultra Tech, Idea and Lupin were top losers today.

As we have said in our previous commentary, trading range of Nifty future would be in between 10430-10530 which is strong support and resistance level and will be continue for Tuesday market as well. Breakout on either side will attract directional movement in the indices. Market is expected to open flat on Tuesday due to all global market are closed on Monday and also low volatility is expected due to expiry of December contracts and low Foreign investors volume.  Hence, we again advised not to trade aggressively in the index but the way some of the individual stocks gave a magnetic move was very much on our expected lines. Key resistance level for Nifty future is 10530 and Bank nifty future is 25800

RESISTANCE & SUPPORT LEVELS -:

Support of Nifty future is placed at 10430 and 10380.

Resistance of Nifty future is placed at 10530 and 10620.

Support of Bank Nifty future is placed at 25500 and 25080.

Resistance of Bank Nifty future is placed at 25800 and 26200.

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