Bank Nifty In Positive Zone But Nifty Still In Negative Zone, Wait For Clear Direction
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened gap positive for the day with 66 points for Nifty, 100 points for Sensex and around 180 points for BankNifty. Equitypandit predicted that BankNifty has entered into positive zone and Nifty should follow the trend and close above 7450 for a sustainable trend. Indian Stock Market opened gap positive giving huge profits to traders. Nifty also breached 7450 levels but was not able to close above those levels and hence remained in negative zone as of now. BankNifty saw highs right at EquityPandit’s predicted resistance levels of 15680 like a dot. Finally, Indian Stock Market closed positive for the day.
Today: Indian Stock Market would open flat. Technically, BankNifty is in positive zone whereas Nifty is still in negative zone. Nifty would enter into positive zone once it closes above 7440 and BankNifty would again enter into negative zone if it closes below 15240 levels, hence the best way is to wait until either of two happens and both enters into same zone either positive or negative. Once the trend is confirmed, traders can go in that direction. Shanghai Index was down by 6.38% when Indian Stock Market was closed on Republic day hence Indian Stock Market would see some pressure after Republic Day holiday. Today, Q3 Results of few big companies like HDFC and Colgate would be disclosed that would affect Indian Stock Market direction. FIIs were net seller of Rs.91.15 crores whereas DIIs were net buyers of 307.89 crores in last trading session. Nifty would see strong support at 7367-7330-7302-7224 whereas strong resistance would be seen at 7485-7505-7567-7606 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
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Important Results to be disclosed today: Bharat Electronics Ltd, Bharti Infratel, Colgate Palmolive, Godrej Consumer Products, Havells India, HDFC, Justdial, Power Grid, SKS Microfinance, Tata Coffee and United Spirits.
NSE Nifty: (7436) The support for the Nifty is 7367-7330-7302-7224 and the resistance to the up move is at 7485-7505-7567-7606 levels.
NSE BankNifty: (15561) The support for BankNifty is at 15450-15336-15200-15060 and the resistance to the up move is at 15600-15680-15805-15960 levels.
BSE Sensex: (24486) The support for the Sensex is at 24245-24156-24080-23950 and the resistance to the up move is at 24580-24660-24786-25915 levels.
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