Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened 33 points positive for Nifty. EquityPandit predicted that BankNifty would continue to see further profit booking but Nifty would consolidate in a rangebound region as IT, Pharma specially Ranbaxy and Sunpharma, Metal and Oil drilling companies would move positive and save Nifty and exactly same happened. BankNifty moved sharply negative on profit booking and saw lows right at EquityPandit’s predicted support levels of 19108 like a dot. Ranbaxy and Sunpharma outperformed market. Metal and Oil drilling companies outperformed exactly as per EquityPandit’s predictions. Nifty remained rangebound between EquityPandit’s predicted support and resistance levels of 8680 and 8800 levels. Finally, Indian Stock Market closed negative for the day.
Today: Indian Stock Market to open flat. Technically, analysis would remain same. Market is still in negative trend and 8625 would act as strong support for Nifty to deal with. Nifty would remain rangebound with negative bias. We can see some temporary short covering in the market but overall trend is negative for now. FIIs were net sellers of Rs.83.8 crores whereas DIIs were net sellers of Rs.72.35 crores on Wednesday. Nifty would see strong support at 8775-8725-8680-8625 levels whereas strong resistance would be seen at 8867-8930-9000 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
Important Results to be Disclosed today: ALBK, ARVIND, BIRLACORPN, CEATLTD, FINANTECH, GODFRYPHLP, GODREJCP, HINDCOPPER, IOB, IRB, JUBLFOOD, PETRONET, PTC, TATAMOTORS, TATAMTRDVR, UCOBANK.
NSE Nifty: (8724) The support for the Nifty is at 8680-8625 and the resistance to the up move is at 8800-8840-8930 levels.
NSE BankNifty: (19174) The support for BankNifty is at 19108-18900-19740 and the resistance to the up move is at 19420-19540-19660 levels.
BSE Sensex: (28883) The support for the Sensex is at 28780-28500 and the resistance to the up move is at 29140-29250-29410 levels.
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