Stock Market Commentary

Equity bench1Aamark indices open on flat note tracking Asian market before expiry day and continue its sideways movement throughout the day as November contracts expiry due on Thursday also caused volatility in the market. Nifty future close at a discount of 7 points at 10354.15 with a loss of 23.40 and Nifty spot close at 10361.30 with a loss of 8.95 and also bank nifty future close at a discount of 6.70 points. The Equity benchmark index attempted to give upward movement, although the index traded above their respected day high, the bulls clearly failed to push the prices higher as the index heavyweights were not participating in the up move.

As we said Nifty future is moving in particular channel, sideways movement is expected before expiry day. After 2 months of relative peace, North Korea launched its most powerful weapon on early Wednesday, which is the biggest concern right now for the market.

Looses were seen in PSU Bank and Media sector both indices down by 0.93% and 0.41%, major gain were seen in reality sector which closes with a gain of 0.89%

Wipro, Sun Pharma, Bosch and Bharti Infratel were the top gainers, while Axis Bank, Asian Paints, and Zee Entertainment lost the most.

North Korea weapon lounged is the biggest concern for the market as investor and big institution will want to close their long position in the market and this will add selling pressure. Since, we are now approaching current month expiry, we expect volatility to pick up and hence, one needs to be very selective while entering into a trade and we would like to advise investors and traders to avoid carry your long position till global tension remains.

If we closely observe today Nifty future price action, Nifty future tried to hold 10400 mark but turned unsuccessful and now is near channel support level 10330 and breakdown of which will result in directional movement and if it doesn’t break down its channel support level we can see recovery in equity indices. 

RESISTANCE & SUPPORT LEVELS -:

Support of Nifty future is placed at 10330 and 10265.

Resistance of Nifty future is placed at 10440 and 10530.

Support of Bank Nifty future is placed at 25700 and 25550.

Resistance of Bank Nifty future is placed at 26010 and 26140.

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Stock to watch for 28th NOV

YES BANK

The stock is in consolidation phase from last 4 days and its resistance level is at 319 level, MACD has also shown upward crossover and RSI is also looking positive and now at 45.15 level.

We recommended traders to buy Yes Bank Future above 319 level and target of 321-326 may achieved with a stop loss of 315.

yes bank

8 K MILES

Stock is in bullish trend and given consolidation breakout above 900 level and also stock is near all time high level.

We recommended traders to buy 8 k miles above 947 level and target of 956-970 may achieved with a stop loss of 930.

8k miles

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MARKET COMMENTARY AS ON 24th NOV

After four consecutive range bound trading session finally investors gets some relief from the market on the last day of the week as sensex closed with a gain of 91.16 at 33679.24 and Nifty future closed with a gain of 50.85 at 10417.50 market breadth was positive this time as 1506 shares advanced against a decline of 1227 shares and 154 shares were unchanged.

marLooses were only seen in PSU banks and metal sector both indices down by 0.57%, rest of the indices end with little gain in which Nifty pharma closes with gain of 0.77 followed by Nifty FMCG with a gain of 0.72%

Auro pharma, Indusind Bank and Infosys was the top gainers today and Idea, Hindalco and Vedanta was the top losers.

Nifty future weekly closing showed some positive sign for next week as nifty breaks its crucial resistance level of 10390 and sustain above it, whereas Bank nifty future main hurdle is to cross 25890-25920 level, which is been strong resistance zone, Market trend is looking positive for Monday and  trading strategy for Monday will be buy on dips as market trend may be consolidate to bullish till market breakdown last week Friday gap area.

RESISTANCE & SUPPORT LEVELS -:

Support of Nifty future is placed at 10380 and 10265.

Resistance of Nifty future is placed at 10490 and 10570.

Support of Bank Nifty future is placed at 25650 and 25550.

Resistance of Bank Nifty future is placed at 25920 and 26010.

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