Market To Consolidate Before Gujarat Poll Results, FED Policy Outcome Tonight
Last Trading Session: Indian Stock Market opened flat for the day. EquityPandit predicted that Indian Stock Market is in positive zone but Nifty and BankNifty has formed Hanging Man candlestick pattern that suggest the market is near top and exactly same happened. Indian Stock Market saw strong resistance right near EquityPandit’s predicted resistance levels of 10330 for Nifty. Market was not able to hold above 10330 levels for Nifty and fell down sharply to see lows right at EquityPandit’s predicted support levels of 10232 like a dot. Finally, Indian Stock Market closed gap negative for the day.
Today: Indian Stock Market would open flat. Technically, Indian Stock Market are still in positive zone. Hanging Man candlestick pattern formed a day before has shown its effect in last trading session. Now market would look at today’s movement before deciding the further direction. US FED would disclose its Policy today and would affect the markets around the globe. Nifty would enter into negative zone only if it closes below 10204 spot levels and until then every dip would be an opportunity for traders to go long in the market. Once market closes below 10204 for Nifty and 25098 for BankNifty, traders can go short in the market but until then traders can either wait for confirmation or go long at dips in the market. Market likely to consolidate before Gujarat Poll Results scheduled on December 18, 2017
FIIs were net buyers of Rs.843.20 crores whereas DIIs were net sellers of Rs.853.67 crores in cash market for last trading session. Nifty would see strong support at 10232-10200-10175 whereas strong resistance would be seen at 10300-10330-10352-10386 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: FORTIS, HDIL, IRB, JETAIRWAYS, JISLJALEQS, JPASSOCIAT and JSWENERGY.
NSE Nifty: (10240) The support for the Nifty is 10232-10200-10175 and the resistance to the up move is at 10300-10330-10352-10386 levels.
NSE BankNifty: (25125) The support for BankNifty is at 25057-24960-24890-24800 and the resistance to the up move is at 25213-25280-25380-25450 levels.
BSE Sensex: (33228) The support for the Sensex is at 33155-33108-33012-32940 and the resistance to the up move is at 33280-33400-33451-33500 levels.
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