Market Still In Positive Trend, Hold Long For Now, Infy Results Today
Last Trading Session: Indian Stock Market opened flat for the day. EquityPandit predicted that market is still in positive zone and would enter into negative zone only if Nifty closes below 10556 levels. Indian Stock Market moved negative but saw strong support near EquityPandit’s predicted support levels of 25528 for BankNifty and reversed from there to see highs right near EquityPandit’s predicted resistance levels of 10660 for Nifty. Finally, Indian Stock Market closed positive for the day.
Today: Indian Stock Market would open gap positive. Technically, Indian Stock Market is still in positive zone. Market has been consolidating for long and we could see sharp breakout anytime from this consolidation on either side. Market would see reversal only if it closes below 10566 for Nifty and 25528 for BankNifty. Traders can initiate fresh short positions if market manages to close below these levels. Overall, analysis would remain same and close above 10660 for Nifty would induce fresh positive momentum. Traders can continue with long positions until Nifty holds above 10566 on closing basis. Next logical target for Nifty is 10700 if Nifty manages to holds above 10566 on closing basis. Infosys would disclose its quarterly result today and would affect the direction of Indian Stock Market.
FIIs were net seller of Rs.623.63 crores whereas DIIs were net buyers of Rs.770.02 crores in cash market for last trading session. Nifty would see strong support at 10598-10566-10520 whereas strong resistance would be seen at 10660-10680-10705-10718 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
Click Here to Check the Trend Of Major Indices and Stocks
Stocks In F&O Ban Period: FORTIS, GMRINFRA, HDIL, JETAIRWAYS, JINDALSTEL, JPASSOCIAT, RCOM, RELCAPITAL, RPOWER and WOCKPHARMA.
Important Q3 Results To Be Disclosed Today: Infosys, Karnataka Bank and Sintex Industris.
NSE Nifty: (10651) The support for the Nifty is 10598-10566-10520 and the resistance to the up move is at 10660-10680-10705-10718 levels.
NSE BankNifty: (25661) The support for BankNifty is at 25556-25528-25500-25400 and the resistance to the up move is at 25772-25862-25925-26000 levels.
BSE Sensex: (34503) The support for the Sensex is at 34400-34300-34216-34066 and the resistance to the up move is at 34565-34660-34740 levels.
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