Wednesday Stock Market Commentary
Indian equity benchmark indices started today session on flat note tracking mixed global cues and continues its volatility and sideways movement from previous 2 days. Market was a bit tricky as there was not such a clear trend in Index from last 3 days as market continually trading sideways. But for traders whole world is situated outside index as we have seen mind blowing movement in Nifty IT, reality sector both ended the session with a gain of 2.24% and 1.26% and single brand retail companies as
Cabinet approves 100% FDI in single-brand retail & construction through automatic route, FDI can invest in Air India up to 49% through approval route and also eased norms pertaining to aviation sector.
Benchmark Indices closes volatile session on flat note as Sensex closed at 10.12 points down at 34433.07 and Nifty future closed at 11.75 points down at 10635.15.
TCS, Wipro and HCL Tech were top Nifty 50 gainers today and Eicher Motors, NTPC and UPL were top losers today.
Market volatility is likely to be continuing in the last 2 trading session of the week as there is not such clear trend in index but 10650-10660 is very crucial resistance range for nifty future and for Bank Nifty future 25800 is still very crucial resistance level. Investors should adopt wait and watch strategy as any dips in the market will bring opportunities to add money and traders continue to enjoy movement in stocks and also from tomorrow quarterly results is going to start which will create more opportunities in the market. Trading strategy for Thursday session will be again selling on high and buying on dips till Index breaks its crucial resistance level and to focus more on individual stocks with proper entry and exit trading strategy.
RESISTANCE & SUPPORT LEVELS -:
Support of Nifty future is placed at 10570 and 10520.
Resistance of Nifty future is placed at 10660 and 10710.
Support of Bank Nifty future is placed at 25520 and 25400.
Resistance of Bank Nifty future is placed at 25800 and 26080.
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