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Below is quote On Today’s Market report by Mr. Rahul Sharma, Co- Founder, Equity99.

Markets today made a bit down move with Sensex down 127 points & Nifty50 down 14 points. Most of the sectors traded in the red today however Metals were the top gainer up 1.29% followed by Nifty Media. Nifty Midcaps & Smallcaps Index continue their up-move with both indexes up almost 0.5%. Banking Index was down 0.58% with Kotak Mahindra Bank being the top gainer up 1.22%. Among the Nifty50 pack Coal India was the top gainer up 4% followed by Hindalco & TCS, while reliance, ICICI Bank & HUL were top losers.

Nifty has been constantly consolidating in a range, 17250 is immediate support to Nifty followed by 17210-17175, Hurdle on the upside is placed at 17370 & cross over can take nifty to 17435-17475 levels. 

Bank Nifty which is underperforming the market is also traveling in a range, strong support is placed at 36150 followed by 36000-35900 levels & similarly on upside hurdle for bank nifty is placed at 36700 and crossover will take to next resistance level which is placed at 37000 levels for Bank Nifty.

Markets are still expected to consolidate. We are still bullish on Mid & Small caps as this week many companies have come out of the Trade-to-Trade category and we expect them to be out of the ASM list with the next 3 weeks.

Sectors to Focus on Tomm – Specialty Chemicals, Textiles, Metals & Banks

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