BANK NIFTY TREND -CONSOLIDATE
BANK NIFTY FUTURE LEVELS
SUPP 1: 16430
SUPP 2: 16150
RES 1: 16950
RES 2: 17180
Sensex, Nifty rangebound; ITC falls 1%, SBI & Tata Steel
up Sun Pharma, Axis Bank, NTPC, Tata Steel and SBI are top gainers while ITC,
M&M, Infosys, TCS and Maruti Suzuki
The
market is still sluggish with no major triggers in sight and FII volume drying
up with Chirstmas holidays. The Sensex is down 44.49 points at 25691.41 and the
Nifty is down 16.30 points at 7818.15
About 1227 shares have advanced, 594
shares declined, and 108 shares are unchanged.
Nifty Technical Overview:
Nifty futures opened on negative note but witnessed bullish
movement for the entire day heading towards 7850 level .if nifty crosses 7850
level then it may further touch the level of 8000 indicating short term rally
in this week. So we can expect upside movement in nifty future if it manages to
sustain above 7850.
Bank Nifty Technical Overview:
Bank Nifty futures opened slightly upside and traded with
bullish sentiment due to major support of 16640 level and made a bullish green
candle indicating further buying in banknifty future. bank nifty can show range
bound movement between of major resistance of 16800 and major support level of
16500.
GLOBAL MARKET OVERVIEW
Asian shares took their cue
from Wall Street and slipped on Friday, but were still on track for gains in a
week marked by a depreciating yuan in China and the first US interest rate hike
in nearly a decade.
US stocks dropped Thursday on
persistent concern over faltering global economic growth, led by declines in
energy and materials shares, a day after shares had rallied on the Federal
Reserve's decision to raise interest rates
The Dow Jones industrial
average fell 253 points to 17495, the S&P 500 lost 31 points to 2041 and
the Nasdaq Composite dropped 68 points to 5002.
Japan's central bank announced
an unexpected round of new stimulus measures today to complement its vast
asset-buying scheme, pushing the yen down sharply and giving a brief
boost to Tokyo share prices.
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