Tuesday Market Commentary Update

COMMENTARY

Indian Equity benchmark indices opened gap up today tracking strong global cues after ease in Trump’s trade war talk. Apart from opening nothing was in favor of bulls as market traded in bearish trend for the rest of the day and in later part of the day market witness heavy trade fall as investors were panic especially after the news came into public that Serious Fraud Investigation Office (SFIO) has summoned Axis Bank and ICICI Bank CEO in Gitanjali and Nirav Modi fraud case, which causes Nifty and Bank Nifty future to break their crucial support level of 10300 and 24600 on closing basis. Heavy looses in PSU Banks, Reality and Auto sector causes Nifty future to close in red for fifth consecutive trading day. Apart from Media sector which gained marginally by 0.42% rest of the indices ended today session in red in which PSU Banks fell most by 2.87% followed by Reality sector which fall by 2.27% today.

Sensex today close with a loss of 429.58 points at 33317.20, Nifty future with loss of 117.05 points at 10248.55 and Bank nifty future with a loss of 362.20 points at 24504.15. Today only 276 shares advanced against 1275 shares decline today on NSE and 41 shares remained unchanged today at NSE

BPCL, ZEEL and Ultratech Cement were top Nifty 50 gainers today and Sun Pharma, ICICI Bank and M&M were top losers today at NSE

Domestic economic news and panic sell off causes both Nifty and Bank Nifty future to break its crucial support level but neither of the world market has supported in this sell off nor we have seen any major volumes in Nifty and Bank Nifty future today which is a points of concern for the breakout as this could lead to a false breakout. As both indices has given breakout on closing basis we recommend our viewers to adopt wait and watch strategy on Wednesday and do not trade with heavy investment nor without stop loss and also buy only at proper support level and sell on resistance level

RESISTANCE & SUPPORT LEVELS -:

Support of Nifty future is placed at 10190 and 10130.

Resistance of Nifty future is placed at 10300 and 10410.

Support of Bank Nifty future is placed at 24300 and 23960

Resistance of Bank Nifty future is placed at 24600 and 24820

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