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.

For more information visit our site www.marketmagnify.com  or missed call 7879881122.

Get Live Commodity Call for Today

commodity gold

MM LIVE COMMODITY MARKET CALL

“BUY OR SELL” GOLD IN TODAY’S EVENING SESSION,

US NON-FARM PAYROLL DATA AHEAD AT 6 PM

GET OUR EXPERT’S TIP ON BULLION,

GET FREE TRIALS JUST VISIT NOW

WWW.MARKETMAGNIFY.COM

GarciniaOrder