Tuesday Market Commentary & Tomorrow Market Stock Recommendation
Indian Equity benchmark indices open gap up today on the back of positive global market but Bank Nifty future opens negative today mainly due to yesterday late night PNB informed exchange that the fraud amount in Nirav Modi case could be around 12700 cr and also CBI seeks detail of nostro transaction from 5 banks which causes bank Nifty future to fall more than 300 points today. Indian market was in bearish trend thought the day and also both Nifty and Bank Nifty future didn’t break their respective crucial resistance level of 10640 and 25830. Apart from FMGC and IT sector which gained 0.31% and 0.26% rest of the indices ended today session in red in which PSU banks fell most by 3.49% followed by reality sector which was yesterday biggest gainer fall 1.65% today.
Sensex today close with a loss of 99.36 points at 34346.39, Nifty future with loss of 36.45 points at 10564.00 and Bank nifty future with a loss of 327.55 points at 25411.60. Today Market breadth was negative as 513 shares advances against 1042 shares declines and 55 shares were remains unchanged at NSE.
Idea Cellular, DR Reddys Labs and Bharti Airtel were top Nifty 50 gainers today and Ambuja Cement, Axis Bank and SBI were top losers today.
Wednesday Market Stock Recommendation
Wednesday market is expected to be in consolidating to bullish movement but sideways movement cannot be ignored but major downside cannot be expected from Wednesday market. 10515 to 10530 is crucial support for Nifty future and 10640 is breakout level for Nifty future and for Bank nifty future crucial support is around 10350-10370 mark but individual stocks will give you opportunities to earn on Wednesday market as well and as we are continuously suggesting in our commentary that market movements is mostly depended on economic news recently and this will continue as market will keep eye on key macro data like GDP, IIP numbers along with monthly auto numbers due this week. Strategy for Wednesday market will be buying on dips and also to trade with proper stop loss.
Support of Nifty future is placed at 10515 and 10480.
Resistance of Nifty future is placed at 10590 and 10640.
Support of Bank Nifty future is placed at 25350 and 25150
Resistance of Bank Nifty future is placed at 25580 and 25830.
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