Indian benchmark indices had once again given positive opening and thereafter continue its sideways movement. There is no clear trend where market is heading towards. Both Nifty and Nifty Bank are in the sideways movement whereas market breadth was negative as 1304 shares advanced against a decline of 1386 shares. Nifty future closes with gain of 8.10 points at 10360.00 and sensex closes with a gain of 83.20 points at 33561.55.
Nifty Media once again ended the session on positive note ended with gain of 2.61% followed by Nifty PSU banks closes with 1.26% gain and Nifty Pharma closes with a loss of 0.73%
Zee Ent, Adani ports and Gail are the top gainers today and Idea, Tech Mahindra and Bajaj finance are the top losers.
After gap up opening Nifty future is in consolidate phase from last two trading session, from current scenario we can expect breakout on upside above the level of 10390, whereas breakout of bank nifty future will be above 25890. Last Week Friday gap area is still considered strong support zone in near term.
Trading strategy for Thursday will be buy on dips as market trend may be consolidate to bullish till market breakdown the gap area.
Support of Nifty future is placed at 10310 and 10265.
Resistance of Nifty future is placed at 10390 and 10510.
Support of Bank Nifty future is placed at 25700 and 25550.
Resistance of Bank Nifty future is placed at 25890 and 26010.
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