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

In a volatile market, Sensex ended 456 points down while Nifty ended 152 points down. Today India VIX was up 5.35%. Today all sectors were in red except for PSU Banks. Banking Index was down 22 points with SBI being the top gainer. The nifty Midcap index was down 692 points. Among Nifty 50 pack Bharti Airtel was the top gainer followed by SBI & Tata Motors, while Hindalco, Titan Company & HUL were top losers.

The market is expected to correct further with major profit bookings seen in Midcaps and Smallcap space. Metals and realty were seen in pressure. We suggest investors add quality stocks on major dips and keep strict stop losses to existing positions. The market is expected to be volatile in short term.

Nifty on daily charts has shown weakness from last 2 days which has majorly come from profit booking in the overvalued stocks and sector, Nifty at current levels of closing has strong & immediate support at 18200 levels if gets breached then next support is placed at 18100-18050 levels. Similarly, strong resistance is placed at 18450 crossovers of which can take Nifty to 18550-18600 from where the selling pressure the quite visible.

Bank Nifty on the other hand has shown strong hold and closed to flattish today, the Bank Nifty has strong support at 39400 levels & if it gets breached then 39290-39000 will act as support on the downside & similarly upside resistance is placed at 39850 crosses over can take the index to upper resistance of 40000-40100 levels.

Sector in focus tomorrow – Metals, Telecommunication, Realty, Automobiles & Chemicals.

Results tomorrow – Asian Paints, Bank Of Maharashtra, Biocon, Can Fin Homes, ICICI Lombard, IDBI Bank, IEX & Indian Hotels.

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