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

The market today continued to consolidate with Sensex down 29 points & Nifty down 8 points. The Telecom sector was in focus today on the hope of relief from the government. Nifty Banks were top performers today up 0.82% with Kotak Mahindra Bank being the top performer up 2.86% followed by Federal Bank & AU Small Finance Bank. The nifty Midcap index was up 0.52% as it continues inching upwards. Among Nifty 50 pack Kotak Mahindra Bank, BPCL & Grasim were top performers, Nestle, Divis Labs & Wipro were among top losers.

The market is further expected to consolidate for some days. We expect some momentum in Mid & Small Caps. Expect the rally in Banking stocks to further continue.

Nifty today gave a flat closing by ending at a decline of just 08.60 points or -0.05%. On small duration charts, recovery has been seen from today’s low of 17254 but at closing, we can see another small red candle for the third session of this week, the market is bound to remain in a consolidation range in the last session tomorrow, Nifty has strong support at 17300 followed by 17225-17150 on the downside & hurdle is placed at 17425-17500 levels on the upside.

The uptrend is still intact as can see super trends on the bullish side only.

Bank Nifty had a very strong momentum & during the day we have seen good momentum in the entire space of banking and financials along with PSU in play, Now Nifty bank has major support at 36600 followed by 36450 – 36300 on the downside & similarly hurdle on the upside is placed at 36900-37100 levels.

Sector to focus on tomorrow – BSFI, Metals, IT & Textiles

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