Wednesday Market Commentary By MarketMagnify 3/1/2018
Have you enjoyed the roller costar ride today? Indian Equity indices has traded just opposite of what we have seen on Tuesday session as in the first hour of the day market was in the mood to rewards bulls but after that indices were under pressure and slowly erases all the gains which they gain in the first hour. As trading resumes all over the world and participation of foreign investors were there, we have seen individual stocks in totally different AVTAR and we are sure that if you have followed proper trading rules, you have earned a lot today.
Sensex was down 18.88 points at 33793.38 and Nifty future was down 0.20 points at 10472.00. The market breadth was positive on NSE today as 1216 shares advanced, against a decline of just 479 shares and 306 shares remained unchanged. 107 stocks hit new 52-week high on NSE.
All indices once again traded mixed on Wednesday session, once again Nifty Metal ended session with most gain by 1.45% and auto sector were on the most losing side by 0.51%
Adani Ports, Larsen and Turbo and Idea Cellular were top gainers today and Dr Reddys Labs, Wipro and Ongc were top losers today.
As we have seen Nifty future had not sustained around higher levels in last 2 days and closed at 10472.20 and 10472, which is not a positive site for bulls. We all know that 10430 is very crucial support level for Nifty future and breakdown of which will increase selling pressure in market. Till Nifty future is in the range of 10430 to 10570 investors and traders should adopt buy on dips and sell on high strategy with strict stop loss of above mentioned levels but real opportunities are hidden in individual stocks and they will continue to reward as long as you follow the rules.
RESISTANCE & SUPPORT LEVELS -:
Support of Nifty future is placed at 10430 and 10370.
Resistance of Nifty future is placed at 10570 and 10710.
Support of Bank Nifty future is placed at 25250 and 25080.
Resistance of Bank Nifty future is placed at 25500 and 25800.
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