Tuesday Market Commentary Update 20th-Feb-2018
Indian equity market opens today session on flat note tracking negative global cues and traded in range bound for most of the day. We have seen tight fight between bulls and bears but at the end of session Nifty future losses more than 60 points and Bank nifty future losses more than 250 points. Market breadth was negative as 681 shares advances against 824 shares declines and 50 shares were remains unchanged. We have not seen any major loser or gainer in any index as index traded mixed today. Nifty Metal gained most today by 1.10% followed by 0.83% and today PVT banks looses most today by 0.91%.
Today Sensex closed with a loss of 71.07 points at 33703.59, Nifty future closed with a loss of 38.55 points at 10340.00 and Bank nifty future closes with a loss of 71.07 points at 24838.05.
Vedanta, Ambuja Cement and Idea Cellular were top Nifty 50 gainers today and M&M, Axis Bank Airo Pharma were top losers today.
Indian equity market is looking good to invest fresh money at current stage for short term investors and for day traders market will give opportunities to buyers and sellers both. We still believe that market will be back with positive movement soon and today’s range bound session is the start of that positive movement. Traders should study properly before investing as market is driven more on the basis of economic fundamental parameters and should adopt buy on dips strategy for Wednesday market with proper stop loss.
RESISTANCE & SUPPORT LEVELS -:
Support of Nifty future is placed at 10290 and 10200.
Resistance of Nifty future is placed at 10425 and 10490.
Support of Bank Nifty future is placed at 24770 and 24560
Resistance of Bank Nifty future is placed at 25350 and 25620.