Friday Market Commentary Update 16th-Feb

Indian Equity benchmark indices open today session on positive note tracking positive global news but failed to carry positive momentum for rest of the day and traded in negative trend throughout the day as Nifty future failed to surpass its crucial level of 10620-10640. Market seems to be under pressure throughout the day as PSU banks index fell by 2.49% as all public sector bank except orient bank ended today session in red. All indices today traded in negative territory with Nifty PSU bank index has taken the biggest hit among all, falling 2.49 percent in today session mainly due to detention of fraud of RS 11400 cr, followed by Nifty Auto which was down by 1.70%

Today Sensex closed with a loss of 280.69 points at 34016.78, Nifty future closed with a loss of 97.85 at 10453.35 and Bank nifty future closes with a loss of 226.80 points at 25192.20.

Ambuja Cement, Infosys and Cipla were top Nifty 50 gainers today and Eicher Motors, Tech Mahindra and SBI were top losers today.

Nifty future is trading in very crucial range from 10640-10300 with nearest support will be taken as 10420-10400 which is very crucial and breakdown of above mentioned level will make nifty future to fall further up to 10375 and there Nifty future has trend line support for Nifty future around 10350-10375 on daily charts and for the upside 10620-10640 will be considered to be crucial resistance level for further upside of Nifty future. Nifty future has substantial support at bottom up to 10300. If we look at Bank Nifty future chart it is trading around crucial trend line support level and technically 25000 is key support level for bank nifty future.

We like to advise our readers to add more stocks in their portfolio as next week market will be full of opportunities and day traders should adopt buy on dips strategy for Monday market and enjoy the ride as ample of opportunities will be coming your way next week.

RESISTANCE & SUPPORT LEVELS -:

Support of Nifty future is placed at 10420, 10360 and 10300.

Resistance of Nifty future is placed at 10500 and 10640.

Support of Bank Nifty future is placed at 25105 and 25000

Resistance of Bank Nifty future is placed at 25290 and 25400.

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