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

The market started the week on a higher note but remains volatile. Markets opened the gap-up with Nifty gaining 177 points but later on erased all gains and on closing was up 45 points. Broader markets continue to bleed with the Midcap index down 232 points. IT sector is taking markets up with Nifty It being top gainer up 1.7%. The nifty bank remains flattish up 0.26%. Among the Nifty50 pack, HCL tech was the top gainer up 4.09% on signing the contract with reinsurers Munich Re. Grasim & Adani Ports were top losers down 2.96% & 2.75% respectively.

The market is expected to remain volatile with weakness seen in Midcaps & Smallcaps. Investors are advised to remain cautious.

On the technical front, 16450 will act as crucial support for Nifty on braking which we might see 16400 to 16375 levels. On the upper side, 16560 will act as resistance, once these levels are crossed we might see 16610 to 16650 levels.

Bank Nifty is underperforming compared to broader markets. 34900 acts as strong support on breaking which we might see 34750 to 34600 levels. On the upper side 35400 is strong resistance on breaking which we might see 35650 levels.

Sectors in Focus for Tomorrow – IT, FMCG, Banks, Consumer staples.

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