Today Market Over-View :- 22nd February 2018
Indian equity market opens today session on negative note following weak global cues backed by a rise in US treasury yield, Indian market was volatile ahead of F&O expiry as today market were traded in zigzag mode for most of the day as similar to last 3 trading session. Once again movement has been witness in the last hour of the day, which help Nifty future to close with marginal loss of 8.40 at 10384.50, Bank Nifty future closes with a again of 24.75 points at 24953.55 and sensex closes with a loss of 25.36 points at 33819.50.Today Market breadth was once again negative as 470 shares advances against 1025 shares declines and 73 shares were remains unchanged at NSE. All indices wew traded mixed today with Nifty IT was once again biggest gainer today by gaining 0.55% followed by reality sector which gained 0.31and on the losing side Nifty Auto losses the most by 0.86% followed by Media sector which looses by 0.83%
Sun Pharma, Auro Pharma and Adani Ports were top Nifty 50 gainers today and BPCL, Idea Cellular and ONGC were top losers today.
We have seen zigzag movement and also consolidation in the market especially in Indices from which they have formed strong resistance and support level and breakout of any of the above will be followed by directional movement. Crucial Resistance for Nifty future is 10410 and Bank nifty future is 25010 and support for Nifty future is 10290 and Bank nifty future is 24700. Indices has formed strong bullish candle on daily charts which suggest that market is ready to gain bullish movement again, still respective resistance have to be broken. Now a day’s market is full of opportunity for both traders and investors not only in stocks but also in index as well. Traders should study properly before investing as market is still driven more on the basis of economic fundamental parameters and should adopt buy on dips and sell on high strategy for Thursday market with proper stop loss.
RESISTANCE & SUPPORT LEVELS -:
Support of Nifty future is placed at 10330 and 10290.
Resistance of Nifty future is placed at 10410,10425 and 10490.
Support of Bank Nifty future is placed at 24720 and 24560
Resistance of Bank Nifty future is placed at 25010 and 25260.
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