Nifty50 - 17800 will act as support for Nifty on crossing which we might see 17750 levels - Mr. Rahul Sharma, Co-Founder, Equity99

Market today made a new all-time high in opening trade with Sensex breaching the 60k mark for 1st time. Nifty Realty was the top-performing sector followed by the IT & Auto sectors. Today`s rally in Nifty was driven by HDFC Bank. Nifty bank was up 58 points or 0.16%. Also, today fertilizer stocks were in focus with the government increasing subsidies. Midcap index was down 87 points. Among the Nifty50 pack, Asian Paints was the top performer followed by M&M and Eicher Motors, Tata Steel, JSW Steel & SBI were top losers.

Markets are at lifetime highs and have reached very high levels in a quick period of time. Investors are advised to be cautious considering the global situation and keep strict stop loss to their position.

Major events next week

US will declare MBA 30-Year Mortgage Rate on Wednesday, India will be declaring their H1 Foreign debt & Federal fiscal deficit on Thursday.

Sector to focus on Monday - Telecommunication, Banks, IT, Fertilizers & Realty.

Technical view

Nifty50 -

17800 will act as support for Nifty on crossing which we might see 17750 levels, on upper side 17950 & 18000 will act as a crucial resistance.

Bank Nifty -

Support - 37500, 37250

Resistance - 38300, 38500

Source : Equity Bulls

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