Overall market looks weak next by Mr. Rahul Sharma, Equity99
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Below are Views On today`s post market report by Mr. Rahul Sharma, Co- Founder, Equity99.
This week markets started on a positive note and later on entered the bearish territory with nifty correcting 200 points. Today Nifty Midcap index was down 600 points. Nifty Metals was worst hit sector down 7% with NMDC hitting lower circuit & TATA Steel & JSW Steel down 9% & 7% respectively. Nifty Bank was down breaching 35K levels. FMCG stocks were in focus with HUL, Britannia & Nestle being top gainers.
The overall market looks weak Investors are advised to adopt a cautious approach and keep strict Stop-loss to their positions. Markets after touching new highs are expected to correct a bit before the next leg of the up move.
Important technical levels for next week are - For Nifty50
Support - 16400- 16225 - 16000
Resistance - 16600-16720-16900
For Bank Nifty 34750 will act as crucial support on breaking which might touch 34600 & 34400 levels on the upper side 35425 will act as important resistance and if it breaks these levels 35700 & 35900 will be next levels.
Sector to watch for next week – FMCG, IT, Pharma, Sugar.
Above views are of the author and not of the website kindly read disclaimer
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