Market To See Some Sharp Correction But Traders Should Buy At Dips For Now
Last Trading Session: Indian Stock Market opened positive for the day. EquityPandit predicted that Indian Stock Market is still in positive zone but would see huge volatility in a rangebound region due to F&O Expiry. EquityPandit also predicted that traders should go long at dips until Nifty holds 8550 levels and exactly same happened. Indian Stock Market moved sharply positive. Nifty and Sensex closed right near EquityPandit’s predicted resistance levels of 8665 and 28218 respectively. Finally, Indian Stock Market closed positive for the day.
Today: Indian Stock Market would open Negative. Indian Stock Market is still in positive trend. Technically, Indian Stock Market is forming bearish pattern, so a small negative news can force market to slide down very sharply. Now GST Bill would be the next trigger for the Indian Stock Market. Until GST Bill news comes out Market would consolidate. Traders can go long at every dip in the market until GST Bill final decision is disclosed. Few Corporate Giants Like ICICI Bank, L&T and Vedanta Ltd would disclose its quarterly results today and these would decide the further market direction for the day.
FIIs were net buyers of Rs.1767.06 crores whereas DIIs were net sellers of Rs.1074.47 crores in cash market for last trading session. Nifty would see strong support at 8600-8550-8530-8496 whereas strong resistance would be seen at 8707-8741-8775-8800 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 Q1 Results To Be Disclosed Today: Alembic Pharma, Cholamandalam, Dr. Lal Pathlabs, Godrej Consumer Products, ICICI Bank, IIFL Holdings, KEC International, Kansai Nerolac Paints, Karnataka Bank, L&T, Mahindra Holidays, Nestle India, Pidilite Industries, PVR, Religare, Sun Pharma Advanced Research, UPL and Vedanta.
NSE Nifty: (8666) The support for the Nifty is 8600-8550-8530-8496 and the resistance to the up move is at 8707-8741-8775-8800 levels.
NSE BankNifty: (19077) The support for BankNifty is at 18995-18880-18610-18533 and the resistance to the up move is at 19160-19300-19410-19500 levels.
BSE Sensex: (28209) The support for the Sensex is at 28060-27915-27736and the resistance to the up move is at 28294-28340-28530 levels.
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