Sharp Correction To Be Seen, Go Long At Dips
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened gap positive for the day. EquityPandit predicted that Indian Stock Market is in positive zone and banking sector would be the major beneficiary on the ban of currency notes. EquityPandit also predicted that traers should go long in banking sector at every dip in the market and exactly same happened. Indian Stock Market moved sharply positive. BankNifty breached all the resistances and moved sharply postive. Traders who followed EquityPandit’s advice to go long in the BankNifty might have earned huge profits for the day. Finally, Indian Stock Market closed gap positive for the day.
Today: Indian Stock Market would open Gap Negative. Indian Stock Market is in positive zone but some sharp correction can’t be ruled out after a big positive movement in yesterday’s trading session. But overall market is positive and traders should buy at every dip in BankNifty. Today is a very important day as closing level is concerned. If Nifty managed to close above 8553 levels then it would enter into Weekly buying mode and if that happens the Next bigger target would be 9000 for Nifty which would surely achieve. So, traders should watch levels of 8553 on spot basis by closing before taking any long position home. The trade for now is to buy at dips which would be seen in the market today. Today, M&M, BPCL, Tata Steel and many banks would disclose their Q2 results especially, SBI and Bank Of Baroda that would affect Indian Stock Market today. Also Read: Nifty Analysis from Technical Charts and Fundamental Effect of Currency Decision Taken By Government.
FIIs were net sellers of Rs.733.49 crores whereas DIIs were net buyers of Rs.639.19 crores in cash market for last trading session. Nifty would see strong support at 8480-8400-8360-8315-8280 whereas strong resistance would be seen at 8536-8580-8620-8636 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: Andhra Bank, Apollo Hospitals, Bank Of Baroda, BPCL, Godfrey Phillip India, Indian Overseas Bank, Ipca Laboratories, Jet Airways, Mahindra & Mahindra, Mahindra CIE, Muthoot Finance, Natco Pharma, Nirlon, Novartis India, OnMobile Global, Rain Industries, Reliance Power, Schneider Electric Infrastructure, SRF, State Bank Of India, Sun TV, Suzlon, Tata Steel, VIP Industries and Videocon Industries.
NSE Nifty: (8526) The support for the Nifty is 8480-8400-8360-8315-8280 and the resistance to the up move is at 8536-8580-8620-8636 levels.
NSE BankNifty: (20200) The support for BankNifty is at 20110-20060-19950-19880-19787 and the resistance to the up move is at 20280-20340-20542-20609 levels.
BSE Sensex: (27518) The support for the Sensex is at 27460-27340-27160-27034 and the resistance to the up move is at 27550-27640-27720-27800 levels.
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