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

Markets today broke its 3 days rising record with Nifty50 down 56 points & Sensex down 214 points. Today Metals & IT stocks were under pressure while Nifty Realty was the top performer up 5.57%. Today banking index was up 133 points or 0.37% with IDFC first Bank being the top performer. Nifty Midcap 100 was up 212 points. Among Nifty50 stocks, Asian Paints was the top performer up 3.17% followed by Tata Motors and SBI Life Insurance, while M&M, Tata Steel & Cipla were among the top losers.

Sectors in focus tomorrow – Banks, Automobiles, Metals, Power

Markets might consolidate for some days now after showing such a huge rally in a short period of time.

Nifty today made a fresh high of 17225.75 with the Gap up opening and then started consolidating on the lower side with the closing at 17076. On daily charts, a small red candle has been formed which formed due to slight little profit booking in the market from the peak high levels in the index. Now going further Nifty has strong support at 17000 levels below to which 16950-16900 will act as crucial support levels, Similarly on the upper side which is like to arrive in the coming days 17150 will act as resistance followed by 17225 – 17300 levels.

Bank Nifty which showed greater strength and made high of 36997 & settled at 36574 at closing which is 119 higher from previous closing levels, Immediate Support for Bank Nifty is placed at 36500 levels followed by 36375 – 36200 levels & similarly upside hurdle is placed at 36800-37000 levels.

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