Market To Correct From Highs, Profit Booking Expected
Last Trading Session: Indian Stock Market opened positive as per EquityPandit’s predictions. EquityPandit predicted that Market would continue to see short covering rally (Positive Momentum) on F&O Expiry day to trap the short positions. EquityPandit also predicted that Nifty would see levels of 10100 for the day and exactly same happened. Indian Stock Market moved sharply positive and achieved EquityPandit’s Targets of 10100. Indian Stock Market saw new record highs for the day. Market rebounded from day highs and fell down sharply to close flat for the day.
Today: Indian Stock Market to open gap negative. Technically, Indian Stock Market is still positive. Now since we are done with F&O Expiry and hence we may see some profit booking at this point of time. Nifty has generated bearish candlestick pattern and we would see some profit booking in days to come. Traders can take a chance to go short Nifty with strict stoploss of 10115. Though Market is bullish as of now but correction can’t be ruled out at this point of time. Nifty has touched higher end of trend channel and should rebound from there. Nifty would see reversal and enter into negative zone once it closes below 9983 levels. Traders can initiate fresh short positions if Nifty closes below 9983 levels. L&T would disclose its results today and would affect Indian Stock Market direction.
FIIs were net buyers of Rs.1869.92 crores whereas DIIs were net sellers of Rs.660.03 crores in cash market for last trading session. Nifty would see strong support at 9983-9948-9920 whereas strong resistance would be seen at 10040-10070-10100-10115 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: Coromandel International, Equitas Holdings, Escorts, India Cements, L&T, LIC Housing Finance, NIIT, Oberoi Realty, Shoppers Stop and SKF India.
NSE Nifty: (10021) The support for the Nifty is 9983-9948-9920 and the resistance to the up move is at 10040-10070-10100-10115 levels.
NSE BankNifty: (24922) The support for BankNifty is at 24795-24700-24535-24450 and the resistance to the up move is at 25032-25110-25180-25240 levels.
BSE Sensex: (32383) The support for the Sensex is at 32300-32270-32225-32195 and the resistance to the up move is at 332450-32500-32660 levels.
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