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

The downward trend continues in the market with indices inching downwards, at the end Sensex was down 81 points, while Nifty was down 27 points. Consumer durables were the top gainer followed by Healthcare & Oil & Gas indices. Today Nifty Midcap index was also down 141 points or 0.44%. The banking index was down 0.88% with Bandhan Bank being the top-performing bank. Among the Nifty50 pack UPL was the top performer followed by Bharti Airtel & M&M, while IndusInd Bank, Hindalco & Tata Steel were top losers.

We expect the market to be range-bound, while the market keeps inching downwards. Any major news will trigger a move in the market. We don`t recommend any fresh buying in the market in the current period.

Technical Levels –
Nifty 50 – 17900 will act as very strong support for index on breaking which we might see 17775 levels and if this level is broken then next support will be around 17700 levels, while on upper side 18100 will act as very strong resistance and if this level is broken than 18175 will act as resistance and if this is broken then we might see 18250 levels.

Bank Nifty – For the banking Index, 38870 will act as very strong support and if these levels are broken then the next support will be around 38700 to 38625 levels. On the upper side, 39220 will act as very strong resistance, once this level is broken then the next level will be 39350. If this level is broken then we will see 39500 levels.

Sector in focus – Sugar, Automobiles, Banks, IT & Metals.

Results tomorrow – Clean Science, Heranba Ltd, Indiabulls Hsg, JB Chemicals, NHPC, Page Industries, Piramal Enterprise, Suntech Realty, Zee Entertain.

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