Market Expected To See Short Covering On F&O Expiry, Hold Long Positions
Last Trading Session: Indian Stock Market opened positive as per EquityPandit’s predictions. EquityPandit predicted that Indian Stock Market is still positive and traders should hold long positions for now. EquityPandit also predicted that Nifty would hover in 9920-10036 range for the day and exactly same happened. Nifty opened positive and moved positive but remained in EquityPandit’s predicted 9920-10036 range for the whole day. Indian Stock Market move sharply positive for the day. Yes Bank’s excellent results forced BankNifty to move sharply positive. Nifty managed to close above 10000 mark for the first time. Finally, Indian Stock Market closed gap positive for the day.
Today: Indian Stock Market to open positive. Technically, Indian Stock Market is still positive. US FED leaves rates unchanged and hence global markets moved higher. Today is F&O Expiry and huge volatility would be seen for the day. Market would continue to see short covering rally (Positive movement) on F&O Expiry day to trap the short positions. Nifty may see levels of 10036-10070-10100 for the day. Nifty would be remain bullish until it holds 9924 levels on closing basis. Traders should continue to hold long positions for the day. Few Indian Corporate Giants like ICICI Bank, ITC, ONGC, Maruti, IDFC Bank, Biocon and Dr. Reddy would disclose their quarterly earnings today and would affect Indian Stock Market for the day.
FIIs were net sellers of Rs.60.60 crores whereas DIIs were net buyers of Rs.676.61 crores in cash market for last trading session. Nifty would see strong support at 9985-9948-9920 whereas strong resistance would be seen at 10040-10070-10100 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: Biocon, Blue Dart, Cholamandalam Investment, Crompton Greaves, Dr. Reddy Laboratories, Exide Industries, Glenmark Pharma, HCL Technologies, ICICI Bank, Idea Cellular, IDFC Bank, IDFC, ITC, Maruti Suzuki, Motilal Oswal Financial Services, ONGC, Redington India, Tata Coffee, Tata Elxsi and WABCO India.
NSE Nifty: (10021) The support for the Nifty is 9985-9948-9920 and the resistance to the up move is at 10040-10070-10100 levels.
NSE BankNifty: (24671) The support for BankNifty is at 24535-24450-24380-24340 and the resistance to the up move is at 24720-24880 levels.
BSE Sensex: (32382) 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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