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

The market today made a dream run after receiving support from banks. Sensex was up 417 points breaching the 49k mark while Nifty50 was up 110 points. PSU bank index was up 130 points or 5.43% being the top performer. The midcap index was up 0.36%. The nifty bank made a new lifetime high of 37720 after surging 816 points. PNB bank was a top-performing bank. Among the Nifty50 pack, IndusInd Bank was the top performer followed by ITC & SBI while BPCL, Grasim & TCS were top losers.

Markets are making new highs daily. Tomorrow all eyes will be on PSU banks after the FM conference today on Bad banks.

Sector to focus on tomorrow – PSU Banks, Telecom, Specialty Chemicals & Sugar.

Bank Nifty as expected outperformed nifty today and on daily charts big white candle formation has been registered, this formation and lifetime high levels on Nifty Bank shows greater strength, now going forward 37500 will act as immediate support followed by 37300- 37000 on the lower side & the upper side the index is in blue sky zone with resistance at 37800 followed by 38000-38200 levels.

Nifty on the other hand had shown another big white candle on the second consecutive day showing bulls to charge furthermore, resistance at the upper level is placed at 17700- 17850 - 18000 levels & on the downside, the support level is placed at 17550 followed by 17450-17300 levels.

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