Market Would See Some Correction On Hawkish Stance From The FED
Last Trading Session: Indian Stock Market opened flat for the day. EquityPandit predicted that Indian Stock Market would consolidate as Investors awaits FED meeting outcome and exactly same happened. Indian Stock Market saw some positive movement after opening but fell down later on. Market consolidated in a narrow range of EquityPandit’s predicted support and resistance levels. Indian Stock Market saw strong support near EquityPandit’s predicted support levels of 10130 for Nifty and 24940 for BankNifty like a dot. Finally, Indian Stock Market closed flat for the day.
Today: Indian Stock Market to open gap negative. Technically, Indian Stock Market is still in positive zone. US FED kept rates unchanged but approved the reversal of historic stimulus for next month. Indian Stock Market would see some profit booking. IT and Pharma sector can see some positive rally whereas banking sector would remain under pressure. Now, 10086 would act as a strong support on closing basis. Indian Stock Market would enter into negative zone once it closes below 10086 levels for Nifty and 24856 levels for BankNifty and closing below these levels would force market to see further downfall. Traders can close all long positions and initiate fresh short position in the market if Nifty closes below 10086 levels. Fresh buying would be seen only if Nifty spot breaches 10180 levels. Market would watch Bank of Japan that would end its two days policy meeting on Thursday. Analyst expect BOJ to keep stimulus unchanged for now.
FIIs were net sellers of Rs.1185.44 crores whereas DIIs were net sellers of Rs.946.23 crores in cash market for last trading session. Nifty would see strong support at 10116-10081-10050-9998 whereas strong resistance would be seen at 10157-10188-10205-10218 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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Stocks In F&O Ban Period: BEML, DHFL, HDIL, IBREALEST, ICIL, INDIACEM, INFIBEAM, JPASSOCIAT, JSWENERGY and JUSTDIAL.
NSE Nifty: (10141) The support for the Nifty is 10116-10081-10050-9998 and the resistance to the up move is at 10157-10188-10205-10218 levels.
NSE BankNifty: (24965) The support for BankNifty is at 24815-24737-24618-24536 and the resistance to the up move is at 25080-25188-25240-25340 levels.
BSE Sensex: (32401) The support for the Sensex is at 32360-32238-32130-32082 and the resistance to the up move is at 32450-32546-32636-32688 levels.
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