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

The market made a good positive move against the weak opening indicated by SGX Nifty. Sensex was up 445 points while Nifty50 was up 131 points. Nifty Oil & Gas was the top performer followed by Energy and IT. Also today telecommunication and chemical stocks were in focus. The banking index was up 161 points with IndusInd Bank being the top gainer. The midcap index was up 134 points. Among Nifty 50 stocks, ONGC was the top gainer followed by IndusInd Bank & Coal India while Cipla, Hindalco & Shree Cements were the top losers.

Indian markets continue to perform strongly against other Asian peers. Investors are advised to be selective in picking their stocks and follow strict targets and stop losses.

Technical levels
Nifty 50 was moving with a flat move trading sideways, on hourly charts with strong positive candle formation gave breakout in the second half of the market which was driven by huge volumes giving a strong and crossing all major resistance levels between 17750-17800 levels, Now going further on upside 17865 will act as immediate resistance will strong resistance is placed at 17950 levels. On the downside 17700 will act as crucial support followed by 17650 levels.

Bank Nifty with a similar flat move was taking good support from its 100 DEMA on Hourly charts absorbed the consolidation and giving strong move towards day high level of 37786, now going further on upside 37900 will act as resistance followed by 38100 levels, similarly, on the downside 37500 will remain as strong support for the index.

Sector to focus on tomorrow – Chemicals, Paper, Logistics & Banks

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