Indian Equity Indices started the week on very strong note as Indian indices once again closed at record high and for the 1st time bank nifty future closes above 26000 and nifty future closes above 10700. We have seen rally in most of the world market which helped Indian market to kick off on the start of the week. Indian market rally is led by finance sector which gain 2.41% followed by Media, and Nifty bank which gained by 1.41% and 1.24% respectively today. Benchmark Indices closes on very strong note as Sensex closed at 251.12 points up at 34843.51 and Nifty future closed at 59.15 points up at 10745.50. Market breath was neck to neck despite indices closes at very strong note as 899 shares gained while 899 shares losses in NSE and 62 shares remained unchanged.
HDFC, ICICI Bank and Ambuja Cements were top Nifty 50 gainers today and Idea Cellular, Gail and Eichers Motors were top losers today.
Despite market kick off market breath on NSE was neck to neck and Nifty future has not participated in the rally as much today and the reason behind this is that Nifty future is facing upward sloping trend line resistance level around 10770-10795 on daily chart, which resist Nifty future to outperform. Last 2 times Nifty future had faced these resistance level causes to correct almost 4% both time. Now we are sensing that market correction is near the corner but we still have to wait for confirmation.
On Tuesday, Market may open gap up and Nifty future may test the level around 10790-10800 and after that correction is expected in the market and we advised investors and traders to maintain sell position in Nifty future around 10790-10800. Strategy for Tuesday market will be sell on high (around 10790-10800) as market movement is expected to be sideways to negative once Nifty future reaches its respective resistance level.
RESISTANCE & SUPPORT LEVELS -:
Support of Nifty future is placed at 10715 and 10680.
Resistance of Nifty future is placed at 10800 and 10840.
Support of Bank Nifty future is placed at 25950 and 25790.
Resistance of Bank Nifty future is placed at 26200 and 26330.
Daily chart of nifty future
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