Wednesday, 13 December 2017

HINDALCO FUTURE ROCKSSSSSSS


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Market extended losing streak to second consecutive session, nifty future losing over 100 points in two days. All eyes would be on the FED's decision on the interest rates and the tone of the commentary of future rate trajectory. Gujarat state elections outcome, which will be announced on December 18, 2017, as well as Crude oil prices, will act as important factors in dictating terms in the coming days. Nifty ended below 10250 level, which indicates further weakness is on the cards. As expected Nifty future fell to the 10190 levels. If the current momentum extends further then we expect some more minor corrective move for the Nifty future, which could take the index retesting its immediate previous low of 10030. Bank Nifty, on the other hand, fell sharply and closed exactly at the psychological 25000 mark, which is also the crucial horizontal line support zone. Going forward, the 24750 level is likely to act as a strong support zone for the Bank Nifty. While the upside will be capped around the 25400 resistance zone.

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