Market Positive As Of Now, Go Long With Closing Stoploss Of 8170 For Nifty, US FED Policy Tonight
Last Trading Session: Indian Stock Market opened flat with positive bias. EquityPandit predicted that market would keep moving in a rangebound region between EquityPandit’s predicted support and resistance levels and exactly same happened. Market saw lows right near EquityPandit’s predicted support levels of 8150 for Nifty and 26500 for Sensex. Market moved sharply from day lows to see highs right near EquityPandit’s predicted resistance levels of 8225 for Nifty and 26733 for Sensex. BankNifty also saw highs right at EquityPandit’s predicted resistance levels of 18490 like a dot. Finally, Indian Stock Market closed positive for the day.
Today: Indian Stock Market would open flat with positive bias. Technically, Indian Stock Market is still in positive zone and Nifty has rightly managed to close above EquityPandit’s reversal levels of 8170. Market would be considered positive until Market holds 8170 levels for Nifty and 18255 levels for BankNifty on closing basis. WPI data would be disclosed today and since US Federal Reserve’s two days Policy meeting outcome would be disclosed tonight, hence market would see sideways movement. Nifty, if managed to close above 8265 levels than we would see sharp positive rally in the market. Now, Banking sector needs to outperform for Nifty to breach its range. Overall, market is in positive trend and traders can go long at every dip in the market with closing stoploss of 8170 for Nifty and 18255 for BankNifty. Indian Stock Market would see sharp downfall if US FED decides to increase the interest rates.
FIIs were net sellers of Rs.2181.03 crores whereas DIIs were net buyers of Rs.178.92 crores in cash market for last trading session. Nifty would see strong support at 8197-8150-8100-8077 whereas strong resistance would be seen at 8265-8280-8310-8357 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: MTNL, National Aluminium Company, Titagarh Wagons Ltd and Unitech Ltd.
NSE Nifty: (8222) The support for the Nifty is 8197-8150-8100-8077 and the resistance to the up move is at 8265-8280-8310-8357 levels.
NSE BankNifty: (18466) The support for BankNifty is at 18333-18240-18188-18060-18000 and the resistance to the up move is at 18490-18588-18690-18780 levels.
BSE Sensex: (26698) The support for the Sensex is at 26600-26500-26450-26380-26164 and the resistance to the up move is at 26733-26809-26950-27060 levels.
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