Wednesday Market Overview 24th-Jan-2018
After all hustles in last few trading session, market started today session on flat note due to Asian stocks looses in early trade, today market was trading in narrow range if we particularly talk about index, Individual stocks continued their volatility today as well and offer ample opportunities to buyer and seller both. Bank nifty future continued positive movement supported by PSU Banks which gained 3.49% today followed by IT sector which gained by 1.54%, However market breadth was negative today as only 436 shares advances, 1077 shares declines and 29 shares remain unchanged today on NSE. Today Sensex closed with a gain of 21.66 points at 36161.64, Nifty future closed with a loss of 3.35 at 11082.10 and Bank nifty future closes with a gain of 59.00 points at 27445.00.
SBI, Gail and Tech Mahindra were top Nifty 50 gainers today and Bharti Airtel, Idea Cellular and Tata Motors were top losers today.
We have said in our last commentary that Nifty future is now facing Trend line resistance at current levels, 11130 is very crucial level for Nifty future for further bullish movement. Bank Nifty future may continue to trade positive tomorrow due to strong fundamentals supported PSU banks and press conference of Finance Minister to curb problems in banking sector will be taken as positive for market. Any big movement from here on will be supported by strong fundamental news otherwise market is expected to be sluggish before long weekend. We advise our readers to remain caution in Index and strategy For Wednesday market will be buying on dips and sell on high on Thursday market and individual stocks is expected to volatile as they were before.
RESISTANCE & SUPPORT LEVELS -:
Support of Nifty future is placed at 11015 and 10880.
Resistance of Nifty future is placed at 11130 and 11190 .
Support of Bank Nifty future is placed at 27200 and 26950
Resistance of Bank Nifty future is placed at 27530 and 27685.
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