Indian Equity Indices started today session on flat note and was in bearish trend throughout the day. Apart from IT sector which gained 3.65% today all indices were traded in red in which Reality, Metal and PSU banks fell the most by 3.38%, 2.84% and 2.81%. Falling of Indian rupee is major reason why all indices fall and IT sector gain today. At the start of market INR was trading at 63.69 and at the end of the market INR traded at 64.08 at a difference of 0.39 bps. Benchmark Indices
Sensex closed at 72.46 points down at 34771.05 and Nifty future closed at 20.30 points down at 10723.00 Overall advances/declines was strongly negative as only 240 shares gained while 1274 shares losses in NSE and 21 shares remained unchanged.
Wipro, HCL Tech and Infosys were top Nifty 50 gainers today and Coal India, Tata power and HPCL were top losers today.
In yesterday’s commentary we had said that Nifty future is now facing upward sloping trend line resistance (10770-10800) and there is tough road ahead for buyers. But indices may again test the resistance level around (10785-10800) before free fall. Trading strategy for Wednesday market will be buying on dips and sells on high around (10785-10800). Market will be in sideways movement and will give opportunity to buyers to exit their position. Instead looking at the index, investors should focus on stock specific moves as there are ample of opportunities available in the market. It is tough time for investors and traders and we suggest you to do proper research and also find proper entry and exit levels before investing, this will safeguard their interest in the market.
RESISTANCE & SUPPORT LEVELS -:
Support of Nifty future is placed at 10680 and 10600.
Resistance of Nifty future is placed at 10800 and 10840.
Support of Bank Nifty future is placed at 25900 and 25790.
Resistance of Bank Nifty future is placed at 26200 and 26330.
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