Nifty 8153/Sensex 26519/ Bank Nifty 18401
18 Advances /32 Declines/ 1 Unchanged
“Nifty Bounces Back After Fed Rate Hike Shock”
Indian equity benchmarks traded on volatile note oscillating between positive and negative terrain to end the trade in red. The market traded in green in early deals after opening in red, taking cues from interest rates hike of 25 basis points by US Federal Reserve and indication of a faster pace of interest rate hike going ahead.
The sentiments took some support with Prime Minister Narendra Modi’s statement that presently, cleaning the system from black money and corruption is very high on his agenda and added that India is currently witnessing an economic transformation.
Traders took some encouragement after global rating agency S&P in its latest report said that as per it’s base case scenario, the disruption from demonetisation should be short-lived with demand revival in the next one to two quarters, limiting the impact on Indian banks and corporate and in the long run, demonetisation and the GST could result in a wider tax base and greater participation in the formal economy.
Selected stocks of liquor companies were trading under pressure after Supreme Court banned sales of liquor along the national and state highways. The existing liquor license for the highway will lapse on April 1
On the global front, Asian markets ended mostly in red, after the US Federal Reserve overnight indicated it would raise interest rates faster than expected in 2017. The rate hike in US would lead outflow of money from emerging market equities into US bonds which are considered as safer investment options. This is only for the second time in a decade that the Federal Reserve has raised its rate. Japan’s stock exchange was the sole gainer as its manufacturing activity grew at the fastest pace in almost a year in December as new orders improved in a sign that domestic demand is gathering strength.
Key Result
J&K Bank
Technical Levels for J&k Bank
Support at 57 and resistance at 63
Two consecutive close + weekly close above 63 will take it to 70—75 and then to 82+ mark in days to come, else could test its support level of 57.
Looks weak only close below 57.00
Now what to expect next??
Nifty Future Levels
Nifty has support 8120---8070 and resistance 8230
Two consecutive close + weekly close below 8070 will take it to 7930—7850 marks else could test its resistance level of 8230 again.
Fresh buying can initiate only close above 8230.
Bank Nifty Future Levels
Unable to break its support level of 18200 and bounced back sharply again.
Now what to expect??
Support at 18200 and resistance at 18550---18700.
Break and sustain below 18200 will take it to 17950---17800 mark else could test its resistance level of 18550---18700 again.
Today's Top Pick
TCS looks positive on charts….above 2275 it can touch 2300—2320+ marks.
Support and stop loss intact 2245.
More will update soon!!
