Market Commentary Update 12th-March
Indian Equity benchmark indices opened gap up today after US market ended its Friday session on positive note after US jobs data which help global market to gain bullish momentum today. Nifty future was opened above its crucial resistance level of 10300 today and after that it has tested 10300 levels but couldn’t sustain below that level. Consolidation for about 3 hours above the level of 10300 has given an indication of bullish which we have seen after the opening of European market which help Nifty future to close with 216.35 points gain at 10432.80 and Bank Nifty Future with a gain of 434.50 at 24747.75 and sensex with a gain of 610.80 points at 33917.94. Except PSU banks which close today session with a loss of 0.47% rest of the sectoral indices close today session with positive note in which FMCG sector ended today session with most gain of 2.62% followed by Metal sector which ended today session with gain of 2.14% today. Market breadth was positive today as 856 shares advances against 698 shares decline today and 70 shares were remained unchanged today at NSE.
Bharti Airtel, Vedanta and ITC were top Nifty 50 gainers today and Coal India, Auro Pharma and Idea Cellular were top losers today at NSE
Today market was in favor of Bulls and we aspect it will remain in favor of bulls as long as Nifty future hold 10400 and Bank Nifty future hold 24600 levels. Next hurdle for Nifty future is around 10530 which is followed by crucial resistance at 10640. 10640 is looking good on charts but we to say that market is mostly drive by Economic news either it is domestic or global. If Nifty future breaks 10640 level this week then market will be back on track of 11000 soon. Index will have lot of opportunities for traders in coming days and stock specific movement will continue in the market.
RESISTANCE & SUPPORT LEVELS -:
Support of Nifty future is placed at 10390 and 10490.
Resistance of Nifty future is placed at 10480 and 10530.
Support of Bank Nifty future is placed at 24600 and 24380
Resistance of Bank Nifty future is placed at 24950 and 25280