Wednesday Market Commentary Update
Indian Equity benchmark indices open gap down today after new Federal Reserve chairman Jerome Powell in his first congressional testimony on Tuesday signaled that Fed could hike interest rate 4 times this year due to which global market is also seem to be trading under pressure on Wednesday trade. After gap down opening of more than 0.50% Indian market traded in range bound sideways movement throughout the day. Stocks seems to be trading under pressure which resulted in only 598 shares advances against 955 shares decline today in NSE and 57 shares remained unchanged today nostro transaction from 5 banks which causes bank Nifty future to fall more than 300 points today. Apart from PSU Banks and IT sector which gained 0.71% and 0.49% rest of the indices ended today session in red in which PVT banks fell most by 1.33% followed by Metal sector which fall by 1.06% today.
Sensex today close with a loss of 162.35 points at 34184.04, Nifty future with loss of 44.65 points at 10519.40 and Bank nifty future with a loss of 242.05 points at 25170.05.
Infosys, UPL and Eichers Motors were top Nifty 50 gainers today and Vedanta, HPCL and ICICI Bank were top losers today at NSE
Market movement is massively dependent on External and Internal economic news and this trend is been followed from last week and on Thursday any economic news will be important for market direction as market will keep eye on key macro data like GDP, IIP numbers along with monthly auto numbers due this week and we advise you to study market news before investing. Technically market is looking to trade in sideways movement on last day of the week. Both individual stocks and Index will give you opportunity to earn on Thursday session. We advise you to follow buying on dips and selling on high strategy on Thursday market and also to trade with proper stop loss.
RESISTANCE & SUPPORT LEVELS -:
Support of Nifty future is placed at 10460 and 10390.
Resistance of Nifty future is placed at 10555 and 10640.
Support of Bank Nifty future is placed at 24950 and 24750
Resistance of Bank Nifty future is placed at 25400 and 25830.