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

Markets continue their downward move with indices down 0.80% at the close. Sensex was down 433 points, while Nifty50 was down 144 points. Nifty Consumer Durables remains top-performing index for 4th straight day followed by OilGas & Metals sector. Banking Index was down 1.19% with IndusInd Bank only bank in green-up 0.11%. The midcap index was also down 262 points or 0.82%. Among the Nifty50 pack Titan Company was the top gainer followed by Hindalco & JSW Steel, while IOC, Tech Mahindra & SBI were top losers.

With many small caps & Midcaps companies declaring their results markets continue to remain volatile. We expect a further correction in the market considering the current situation. Any fresh buying is not recommended. We expect some movement only after IPO`s currently hitting markets are cooked down.

Technical Levels
Nifty50 – 17800 will act as immediate support for Nifty Index on breaking which next support will be around 17675 levels and if this level is broken then we`ll see 17600 levels. On the contrary, 17950 will act as crucial support for Nifty and if it is broken then the index might regain 18k levels and the next resistance will be around 18100.

Bank Nifty – For the banking index 38350 will act as very strong support, once it is broken then the next resistance level will be 38100 on breaking which we might see 37900 levels. On the upper side, 38750 will act as very strong resistance. IF it is broken then the next resistance level will be 38900 on breaking which we`ll see 39150 levels.

Sector in focus – Finance, Metals, Sugar & Chemicals.

Results tomorrow – 3M India, Abbott India, Burger King, Force Motors, Hero Motocorp, Hindalco, ONGC, Vodafone Idea.

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