Thursday Market Commentary By MarketMagnify
Indian equity benchmark indices started today session on flat note tracking negative global cues and after that trade in consolidate to bullish phase for most of the day and Nifty future closed at record high of 10659.75. ity and sideways movement from previous 2 days. For first time Nifty future manage to close above 10650 on 4th attempt, which is positive for the market but Bank Nifty future trades below its resistance level of 25800. Benchmark Indices closes on positive note as Sensex closed at 70.42 points up at 34503.49 and Nifty future closed at 22.70 points up at 10659.75. Market breath was positive as 848 shares gained while 728 shares losses in NSE and 63 shares remained unchanged.
All sector indices trade on positive note except Metal sector which closes with marginal loss of 0.14%. On bullish side, reality sector gained the most by 2.00% followed by Media sector which gained by 0.47%.
Infosys, Tech Mahindra and Bharti Airtel were top Nifty 50 gainers today and Indusind bank, Wipro and Ambuja Cement were top losers today.
Despite Nifty future closes at record high our advice to traders and investor is to remain caution as and we are not expecting any big bull run on the last day of the week. Market volatility is likely to be continue and also dependent on Infosys result on tomorrow. As session of quarterly results has started from today investors should focus more on individual stocks but we should not forget that market is in bullish trend and we still have no clear evidence of correction in the market. In this dilemma one should find proper support and resistance level and use buying on dips and selling on high strategy with proper entry and exit trading strategy.
RESISTANCE & SUPPORT LEVELS -:
Support of Nifty future is placed at 10620 and 10585.
Resistance of Nifty future is placed at 10710 and 10760.
Support of Bank Nifty future is placed at 25550 and 25400.
Resistance of Bank Nifty future is placed at 25710 and 26800.
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