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8-NOV.-2017 STOCK MARKET COMMENTARY BY MARKET MAGNIFY

Discuss 8-NOV.-2017 STOCK MARKET COMMENTARY BY MARKET MAGNIFY within the Stock Markets Tips & Gyan !! forums, part of the Quiz , Marketplace and Community games category; Our market open flat on Wednesday morning and sideways movement has been seen in Wednesday session. Investors had closely watched ...

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8-NOV.-2017 STOCK MARKET COMMENTARY BY MARKET MAGNIFY
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8-NOV.-2017 STOCK MARKET COMMENTARY BY MARKET MAGNIFY - November 8th, 2017

Our market open flat on Wednesday morning and sideways movement has been seen in Wednesday session. Investors had closely watched crude oil price movements and corporate earnings to trade in the market.Indian market extend its loosing string on Wednesday as well.

Selling pressure in the last hour of the day push Nifty Future to close 44.75 points down at 10365.10 and Bank Nifty Future to close 58.25 points down at 25338.40

Nifty IT once again continues its winning streak as Nifty IT index closes in green with gain of 0.66% followed by Nifty Pharma closes with 0.27% gain. PSU Banks once again in the top losers as Index looses by 2.00% followed by Nifty Metal closes with 1.38% loss. Free Stock Tips

Tech Mahindra, Axis Bank and Asian paints are the top gainers today and Vedanta, Bharti Airtel and Tata Motors end on the losing side.

Nifty on daily charts has given confirmation of short trend reversal as upward sloping trend line has been broke down with confirmation. Also MACD on daily charts showing negative crossover. Past two days had been tough for the market as market responded to external factors resulted in decrease in open interest in both Nifty and Bank Nifty future. Key support for Nifty future is 10270 and 10190 which will further decide market movements. Market has shown sideways movements on Wednesday, trading strategy on Thursday will be selling on high as Nifty future confirm short term trend reversal.

RESISTANCE & SUPPORT LEVELS

Support of Nifty future is placed at 10270 and 10190.

Resistance of Nifty future is placed at 10415 and 10550.

Support of Bank Nifty future is placed at 25110 and 24950.

Resistance of Bank Nifty future is placed at 25520 and 25720.
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