Market In Trading Range, Hold Long Positions Until Nifty Holds 8478
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat for the day. EquityPandit predicted that market would see some correction after a sharp positive movement, a day before and exactly same happened. Market consolidated for the whole day but saw a sharp correction as predicted by EquityPandit. Nifty saw lows right at EquityPandit’s predicted support levels of 8575 like a dot. Finally, Market closed negative for the day.
Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still in positive zone. But Market was unable to retain 8600 levels by closing yesterday and again entered into rangebound region. Now Market would again see sideways movement until it breaches 8636 levels. Closing above 8636 levels for Nifty would force market to see a sharp breakout from this trading range. Now, GST is the only event that can trigger market to see a sharp positive rally. We have seen FIIs booking profits in Index futures a day before yesterday and yesterday, they saw profit booking in Index options and Stock futures. This activity shows that market is capped on the positive side and can slide down anytime with a small negative news in the market. Few Indian Corporate Giants like HDFC, Bajaj Auto, Bharti Airtel, JSW Steel and Yes Bank would disclose its results today and it would direct the Market movement for the day. Overall, Market is positive as of now but Traders should hold long positions with strict stoploss of 8478 on closing basis.
FIIs were net buyers of Rs.670.89 crores whereas DIIs were net sellers of Rs.418.29 crores in cash market for last trading session. Nifty would see strong support at 8550-8530-8496-8470 whereas strong resistance would be seen at 8636-8665-8707-8741 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
Click Here to Check the Trend Of Major Indices and Stocks
Important Q1 Results To Be Disclosed Today: Asian Paints, Bajaj Auto, Bajaj Holdings, Bharti Airtel, Castrol India, Dabur India, GIC Housing Finance Ltd, HDFC, JSW Steel, Shipping Corporation of India, Shriram Transport Finance, Torrent Pharma and Yes Bank.
NSE Nifty: (8591) The support for the Nifty is 8550-8530-8496-8470 and the resistance to the up move is at 8636-8665-8707-8741 levels.
NSE BankNifty: (18861) The support for BankNifty is at 18610-18533-18400-18219 and the resistance to the up move is at 19030-19160-19300-19410 levels.
BSE Sensex: (27977) The support for the Sensex is at 27915-27736-27635-27540 and the resistance to the up move is at 28060-28150-28218-28294 levels.
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