Markets are expected to consolidate in the coming days - Equity99

Mr. Rahul Sharma, Co-Founder, Equity99.

Today in the morning trade markets tried to make a new high but were not able to sustain that level and later corrected. Today Autos were the top performer after an update on-chip shortage crisis followed by Realty & Media sectors. The nifty midcap index was flattish today, Banking index was up 341 points with AU Small Finance Bank being the top gainer. Among the Nifty50 pack, Maruti Suzuki was the top performer followed by Tata Motors and M&M while HCL Tech, Divis Lab & Wipro were top losers.

Markets are expected to consolidate in the coming days, we expect the banking index to show some moves along with Automobiles.

Technical levels

Nifty 50 - 17820 will act as a major support on breaking which 17750 & 17700 levels are possible, while on upper side 17950 will act as a major resistance on breaking which 18000 is possible.

Bank Nifty

Support - 37950, 37680
Resistance - 38350, 38500, 38700.

Sector to Focus on tomorrow - Automobiles, Metals, Banks, Paper & Realty.

Source : Equity Bulls

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