Last Trading Session: Indian Stock Market opened positive for the day. Nifty saw sharp short covering and saw highs right at EquityPandit’s predicted support levels of 8650 like a dot. Finally, Indian Stock Market closed positive for the day.
Today: Indian Stock Market would open flat with negative bias. Now Nifty is in rangebound region and would see sideways movement. Intraday long can be done if Nifty breaches 8655 levels on spot basis, whereas shorts can be initiated if it breaches 8593 spot levels on downside. Overall, market is still negative but we can see a further short covering rally in the market. FIIs were sellers for the whole february month and that’s a negative news for the market and an intimation of sharp downfall in coming days. FIIs were net sellers of Rs.371.27 crores whereas DIIs were net buyers of Rs.147.49 crores on Wednesday. Nifty would see strong support at 8593-8470-8380 levels whereas strong resistance would be seen at 8730-8785-8800 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: AMTEKAUTO, BAJAJELEC, BANKINDIA, BHEL, CESC, CIPLA, COALINDIA, ELDERPHARM, FACT, FINCABLES, FRL, GILLETTE, GITANJALI, GLAXO, GLENMARK, GMDCLTD, GUJRATGAS, HINDALCO, IBREALEST, IGL, KINETICENG, MAX, MRF, MUKTAARTS, ORISSAMINE, PAGEIND, RELCAPITAL, SCI, STINDIA, SUNDARAM, TATACOMM, TRIVENI.
NSE Nifty: (8627) The support for the Nifty is at 8593-8470-8380 and the resistance to the up move is at 8730-8785-8800 levels.
NSE BankNifty: (18950) The support for BankNifty is at 18890-18420-18210 and the resistance to the up move is at 19120-19440 levels.
BSE Sensex: (28534) The support for the Sensex is at 28420-28040-27940 and the resistance to the up move is at 28620-28670-28920 levels.
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