Nifty`s 16650 will act as immediate support by Mr. Rahul Sharma, Equity99
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Below is quote On Today’s Market report by Mr. Rahul Sharma, Co- Founder, Equity99.
Nifty gained 122 points this week. Nifty Oil & Gas was the top performer this week up 4.48% followed by Energy & Metals. Midcaps regained momentum post-profit booking seen in the previous week. The banking index was up 1.7%.
Markets continue their uptrend with Nifty50 up 58 points & Sensex up 136 points. Nifty Metals was the top performer up 1.54%, Pharma Media & IT stocks were also in focus. Midcaps were in focus today with Nifty Midcap 100 up 261 points or 0.95%. Banks were flattish with the Bank index down 12 points. UltraTechCement was the top gainer in the Nifty50 pack followed by Hindalco up 3.54% & 3.25% respectively. While IndusInd Bank was the top loser down 1.13%
Nifty today made a new high and this time it's supported by good in midcaps. We expect the rally to sustain and market making new highs in the coming days.
On the technical front –
16650 will act as immediate support on breaking which we might see 16575 to 16500 levels on upper side 16780 will act as hurdle once these levels are breached we might see 16840 to 16900 levels.
Bank Nifty levels –
Support – 35450 – 35320 – 35200
Resistance – 35800 – 36000 – 36200
Sectors to focus on Monday – IT, Banks, Pharma, FMCG & Sugar.
Above views are of the author and not of the website kindly read disclaimer
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