On the day of vote counting, market opened gap up at 11661.65. It made a high of 11679.60 and fell almost 90 points to 11589.85, currently it is trading at 11610 levels. Yesterday on technical aspect chart formed “Doji Star” which suggest uncertainty in the market which is obvious due to major event. The major resistance is seen around 11700 levels, previous month’s high after positive news from Indian Finance Minister’s major economic reform of Corporate Tax Cut.
As per the SMC Research Head Nitin Murarka, Nifty will have major hurdle around 11700 on the upside. Till Diwali there won’t be much growth seen in FMCG or Auto Sector.
Among sectors except IT all other sectors are trading green led by Bank, Auto, Financials, Metal, Pharma & Realty. Nifty Bank Opened at 29604.35 up by 144.75 points against yesterday’s closing of 29459.60. Today Nifty Bank is consolidating in the range of 29200 to 29700 levels. Until clear view of outcomes it is likely to remain in the given range only. Though every sector is under unclear zone.
Top gainers & Losers:
In Nifty 50, Even though IT is in red some IT players are doing well today. HCL Tech is top gainer with 3.15% up post their Q2 earnings. Eicher motor is up by 2.07% and Tech Mahindra is up by 1.79%.
Today’s top losers till now, Infratel is down by 6.77% followed by BPCL and Bharti Airtel 4.08% & 2.57% respectively.
Post opening there’s steady movement seen in the market. By capitalization, In Nifty Midcap opened at 16301 levels made a high of 16345, low of 16223 and currently trading at 16226 0.13% lower. Nifty Smallcap opened around 5670 against close of 5642, Today it made a high & low of 5676 and 5649 respectively. Currently it is trading at 5675 level almost side away.
As per current market condition out of 2126 stocks 887 counters are advanced, 736 are declined and 503 are unchanged.
In Maharashtra constitution: BJP is leading in 97 seats
Shivshena is leading in 64 seats
INC is leading in 40 seats
Congress is leading in 53 Seats.
Others lead in 74 Seats.
In Haryana constitution: BJP -39
The 50-bundle stock is looking bearish for today’s trading session ahead of Assembly results uncertainty. If index breaches the yesterday’s low of 11554.40 then it may reaches to the lower levels of 11430. As traders are booking their profits and came out from the market till final results came out that is they are doubtful to take any positions in the market.