Last Trading Session: Indian Stock Market opened flat with positive bias for the day. EquityPandit predicted that Indian Stock Market would now see some short covering (positive) rally and which could take Nifty and BankNifty higher and same happened. Indian Stock Market saw sharp short covering rally and closed positive for the day.
Today: Indian Stock Market would open positive. Today is F&O Expiry, so huge fluctuations would be seen in the market. Technically, some more short covering can’t be ruled out and we can see some further bounce in the market but trend is still negative. Now, market need some positive news from the government to see a trend reversal. BankNifty, if closes above 18590, then it would enter into positive zone and the trend would be reversed. In that case, traders can go long in the market but for now, market is still in negative trend and one needs to short at every positive movement in the market. FIIs were net sellers of Rs.186.24 crores whereas DIIs were net buyers of Rs.642.69 crores in last trading session. Nifty would see strong support at 8315-8244-8200 whereas strong resistance would be seen at 8410-8450-8500 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
Click Here to Read Nifty and Major Stocks Outlook for This Week
Important Results To Be Declared Today: BANKBARODA, COLPAL, DENABANK, DRREDDY, EXIDEIND, GATI, GLENMARK, GUJFLUORO, HCC, IDFC, ITC, KOTAKBANK, LGBBROSLTD, MYSOREBANK, NCC, NTPC, NUCLEUS, ORIENTBANK, PETRONET, SHASUNPHAR, STAR, THOMASCOOK and VIJAYABANK.
NSE Nifty: (8375) The support for the Nifty is 8315-8244-8200 and the resistance to the up move is at 8410-8450-8500 levels.
NSE BankNifty: (18323) The support for BankNifty is at 18260-18080-17980 and the resistance to the up move is at 18410-18560-18600 levels.
BSE Sensex: (27563) The support for the Sensex is at 27360-27140-27030 and the resistance to the up move is at 27710-27850-27940 levels.
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