Market To Open Negative But Nifty To Enter Bearish Zone Only If It Closes Below 10024
Last Trading Session: Indian Stock Market opened flat for the day. EquityPandit predicted that Indian Stock Market has already priced in 25 bps rate cut and hence it was not able to appeal the street. EquityPandit also predicted that reversal would be seen only if Nifty closes below 10024 levels and until then traders can hold long positions. Indian Stock Market, including Nifty, BankNifty and Sensex touched record highs for a moment after RBI Monetary Policy but immediately saw sharp profit booking. Finally, Indian Stock Market closed negative for the day.
Today: Indian Stock Market to open gap negative. Technically, Indian Stock Market is still in positive zone until it holds 10024 levels for Nifty on closing basis. Though Nifty has formed Bearish Engulfing Candlestick Pattern but it would see strong support at 10000 levels. Reversal would be seen only if Nifty closes below 10024 levels on spot basis and until then traders should continue to go long at dips or hold long positions. Though reversal would be confirmed if Nifty closes below 10024 levels but fresh short positions should be initiated once Nifty closes below 10000 levels as it is an important psychological support level.
FIIs were net buyers of Rs.473.72 crores whereas DIIs were net sellers of Rs.232.95 crores in cash market for last trading session. Nifty would see strong support at 10024-10000-9983-9948 whereas strong resistance would be seen at 10150-10180-10260 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: Bajaj Electricals, BBTC, CEAT, Colgate-Palmolive, Cummins, HCC, ICRA, IOC, Jindal Saw, JK Lakshmi Cement, Jyothy Laboratories, PNB Housing Finance, Titan, Ujjivan Financial Services and VIP Industries Ltd.
NSE Nifty: (10082) The support for the Nifty is 10024-10000-9983-9948 and the resistance to the up move is at 10150-10180-10260 levels.
NSE BankNifty: (25055) The support for BankNifty is at 25000-24940-24820-24750 and the resistance to the up move is at 25180-25240-25380-25500 levels.
BSE Sensex: (32477) The support for the Sensex is at 32400-32320-32270-32225 and the resistance to the up move is at 32660-32712-32800-32880 levels.
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