IndusInd Bank Results To Direct BankNifty Today, Go Long At Dips For Now
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat with positive bias. EquityPandit predicted that market is still in positive zone and traders can go long at dips in the market. EquityPandit also predicted that market would see sideways movement as of now and exactly same happened. Indian Stock Market moved sharply positive but was not able to sustain higher levels and fell down from there. Nifty saw highs right near EquityPandit’s predicted resistance levels of 8267 like a dot. Finally, Market saw profit booking and closed flat for the day. Market saw lows exactly near EquityPandit’s support levels of 8220 for Nifty, 18250 for BankNifty and 26695 for Sensex.
Today: Indian Stock Market would open flat with positive bias. Technically, Market is still in positive zone and traders can go long at dips for now. Today, Market trend would depend on the Banking sector. IndusInd Bank is going to disclose its quarterly results today and it would show the exact effect of demonetization on Banking sector. Results of IndusInd Bank would direct BankNifty for today. While interviewing to Senior Banking executive, we found that the last quarter was actually not good for Banking sector in terms of profits though CASA (current account and Saving account) targets were met and huge deposits were seen but loan disbursement was not in that ratio that adds profitability to the banks. But next quarter is expected to reap the benefits. Overall, trade is to buy at dips for now. Technically, Banking sector is in positive momentum and if closed above 18268 levels, it can see levels of 18500-18600 in upcoming days. Traders should buy at dips with strict stoploss of 8187 spot levels for Nifty and 18071 spot levels for BankNifty on closing basis.
FIIs were net sellers of Rs.325.10 crores whereas DIIs were net buyers of Rs.96.82 crores in cash market for last trading session. Nifty would see strong support at 8220-8197-8150-8100 whereas strong resistance would be seen at 8267-8310-8357-8399 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: IndusInd Bank.
NSE Nifty: (8236) The support for the Nifty is 8220-8197-8150-8100 and the resistance to the up move is at 8267-8310-8357-8399 levels.
NSE BankNifty: (18287) The support for BankNifty is at 18220-18150-18060-18000-17940 and the resistance to the up move is at 18380-18490-18588-18690 levels.
BSE Sensex: (26727) The support for the Sensex is at 26695-26597-26500-26450-26380 and the resistance to the up move is at 26809-26950-27060-27128 levels.
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