RBI Policy Today, Continue Long Until Nifty Holds 10024 levels by Closing
Last Trading Session: Indian Stock Market opened positive as predicted by EquityPandit. EquityPandit predicted that Indian Stock Market is still in positive zone and traders should continue to hold long positions until Nifty holds 9983 on closing basis and exactly same happened. Indian Stock Market moved sharply positive for the day. BankNifty saw lows right at EquityPandit’s predicted support levels of 25000 like a dot. Coincidentally, BankNifty also saw highs right at EquityPandit’s predicted resistance levels of 25180 like a dot. Finally, Indian Stock Market closed positive for the day.
Today: Indian Stock Market to open flat with negative bias. Technically, Indian Stock Market is still in positive zone. Nifty would see trend reversal only if it closes below 10024 and until then traders should continue to hold long positions. Once Nifty closes below 10024 and BankNifty closes below 24845 levels then a sharp correction would be seen. RBI to disclose monetary policy today and it would affect the Indian Stock Market for the day. 25 bps rate cut is already priced in the market. No rate cut would be taken as negative for the market and a negative jerk can be seen in the market. Market is already at its highs and hence traders should remain cautious but overall, if Nifty managed to hold 10024 levels on closing basis then traders can continue long positions in the market.
FIIs were net sellers of Rs.945.83 crores whereas DIIs were net buyers of Rs.1390.65 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 10120-10180-10260 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: Bata India, Capital First, Ede;weoss Financial Services, Emami, Entertainment Network, Godrej Properties, Greenply Industries, KEC International, Lupin, Magma Fincorp, Mahindra Holidays, PNB, Reliance Infrastructure, UCO Bank, Voltas, VST Insdustries and Wockhardt Ltd.
NSE Nifty: (10115) The support for the Nifty is 10024-10000-9983-9948 and the resistance to the up move is at 10120-10180-10260 levels.
NSE BankNifty: (25122) 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: (32575) 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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