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

Markets today made a good down-move with Sensex down 396 points & Nifty50 down 110 times. Nifty Consumer durables were top gainer today followed by Auto sector & Healthcare sector. Nifty Banking index was down 1.02% with AU Small Finance Bank being top performer bank up 2.61%. The midcap index was down 86 points or 0.27%. Among Nifty 50 pack, Maruti Suzuki was the top gainer followed by M&M and Tata Motors, while Shree Cements, Reliance & SBI were top losers.

The market is expected to remain in a downward trend however we expect some movement in Auto stocks considering the recent improvements in chip shortage crises. Other than autos we don`t see other moves in the current scenario.

Technical view –

Nifty 50 – After today`s fall 17920 will act as major support for Nifty and if this level is broken then the next support will be around 17850, once this level is broken then the next support will be around 17700 levels. On the upper side, a major hurdle will be 18075 levels and if we break this level then 18200 will be the next resistance level and once this level is broken then we might see 18300 levels.

Nifty Bank – For the banking index, 38150 will be a major support. Once this level is broken then the next support will be around 38000 levels and if the market falls further then we might lose 38k level and the next support will be around 37800 levels. On the upper side, 38500 will act as major resistance. If this level is breached then the next resistance will be 38675 and if this level is breached then the next resistance will be 38800 levels.

Sector in Focus – Automobiles, Banks, Specialty Chemicals & Real-Estate.

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