Market in a strong position, a good move is expected from Banks, Automobiles and IT sector By Mr. Rahul Sharma, Equity99
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Below is quote On Today’s Market report by Mr. Rahul Sharma, Co- Founder, Equity99.
Markets today made a great move after buying seen in all Tata group companies. Sensex was up 452 points while Nifty was up 170 points. Nifty Auto stocks were the top performer followed by Energy and Infra index. The banking index not showed a move in line with Nifty and was up just 0.3% with Federal Bank being the top performer up 5.64%. The nifty Midcap index was up 488 points or 1.54%. Among the Nifty50 pack, Tata Motors was the top performer followed by M&M & Tata Consumer Prod, while Maruti Suzuki, ONGC & Coal India were top losers.
Markets seem to be in a strong position making new highs. But banks have been comparatively underperforming. Going further we expect some good move from Banks & Automobiles. Also tomorrow IT stocks will be in focus as 3 IT companies will be declaring their Q2 numbers today.
Technical levels
Nifty with the gap up opening despite week global cues stand out very strongly during the day, on hourly charts, a continuous higher top higher bottom was seen and only last one hour was seen with profit booking across the market, this indicates that bulls are very much charged but profit booking is taking place at higher levels, now Nifty has strong support at 18060 then at 18000 levels & on the upside 18200 will act as resistance, if we cross 18200 levels with volume then 18350 levels to watch.
Bank Nifty with its record high gap-up opening and the fresh historical high was seen 38777 levels witnessed consolidation and profit booking as well, while some stocks from the index performed well during the day and by closing above previous day high at 38635 gives us signals that more strength is still there to reach next resistance levels which are 38900-39000 levels, on the downside Support is placed at 38500-38350 levels.
Key results tomorrow – HCL Tech, Indiabulls Real, Inox Wind
Sector in focus Tomorrow – IT, Automobiles, Banks, Sugar & Media
Above views are of the author and not of the website kindly read disclaimer
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