IGI Logo

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

Markets today made a record move on improving global clues with Sensex up 488 points and Nifty ending 144 points up. Nifty Realty was the top performer today up 6% followed by Auto and Consumer durables. Banking Index was up 231 points with Bandhan bank being the top performer up 7.5%. The midcap index was up 576% or 1.88%. Among the Nifty50 pack, Tata Motors was the top performer followed by Titan Company & M&M, while ONGC, Dr. Reddy`s Labs & Coal India were top losers. 

The market looks very volatile at the current position. We advise investors to book partial profits and keep a bit of cash balance in hand. Also, tomorrow RBI will be announcing its policy, wherein we don't expect any rate changes however it may pull out surplus liquidity

Both indices have shown us heavy volatility, unless we get closing above the 17885 - 17950 levels 18000 mark will be difficult to achieve as these levels are acting as a major resistance on the upside & similarly on the lower side strong support is placed at 17725 followed by 17650-17600 levels. 

For Bank Nifty which has great potential to outperform has got resistance at 38100-38350 levels & on the downside 37500 & 37350 will act as a major support to the index. 

Sector in focus tomorrow – Telecommunication, Banks, Metals & Energy.

Above views are of the author and not of the website kindly read disclaimer