Few Big Corporate Earnings Today, Market To Remain Highly Volatile
Last Trading Session: Indian Stock Market opened gap positive exactly as predicted by EquityPandit. EquityPandit predicted that market is still in positive zone and would see further positive rally in BankNifty that would push broader market in positive direction. EquityPandit also predicted that traders should continue to hold long positions in BankNifty for now and exactly same happened. Indian Stock Market moved sharply positive and saw highs right near EquityPandit’s predicted resistance levels of 10880 for Nifty. Market saw sharp profit booking from there but finally, managed to close positive for the day.
Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still in positive zone. Now, after a sharp positive movement, market is expected to see some consolidation or a correction at this level. Though market is forming higher high higher low pattern but now it needs to breach 10900 levels to see further positive momentum. Traders can continue to hold long positions until market managed to hold above 10751 for Nifty and 26379 for BankNifty on closing basis. Market would see reversal if it closes below these levels and in that case, traders can close all long positions and initiate fresh short positions. But until then traders can continue to hold long postions in the market, Many heavyweights like HDFC Bank, ITC, Kotak Mahindra Bank, Reliance Industries and Wipro would disclose their results today and would affect Indian Stock Market direction for today. Market to remain highly volatile on these Big Corporate Earnings and hence traders should remain cautious for the day.
FIIs were net buyers of Rs.1894.99 crores whereas DIIs were net sellers of Rs.65.46 crores in cash market for last trading session. Nifty would see strong support at 10780-10744-10700-10675 whereas strong resistance would be seen at 10840-10880-10905-10936 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: BALRAMCHIN, CAPF, DISHTV, FORTIS, GMRINFRA, HCC, HDIL, IFCI, INDIACEM, JINDALSTEL, JISLJALEQS, JPASSOCIAT, KSCL, and RPOWER.
Important Q3 Results To Be Disclosed Today: Atul Ltd, Chennai Petroleum, HCL Technologies, HDFC Bank, ICICI Prudential Life Insurance, IDFC Bank, ITC, JP Associate, JM Financial, Jubilant Foodworks, Kotak Mahindra Bank, Kansai Nerolac Paint, NIIT Technologies, PC Jeweller, Reliance Industries, Tata Elxsi, VST Industries and Wipro Ltd.
NSE Nifty: (10789) The support for the Nifty is 10744-10700-10675-10645 and the resistance to the up move is at 10840-10880-10905-10936 levels.
NSE BankNifty: (26537) The support for BankNifty is at 26420-26340-26180-26100- and the resistance to the up move is at 26685-26800-26890-26971 levels.
BSE Sensex: (35260) The support for the Sensex is at 35165-35110-35000-34964 and the resistance to the up move is at 35340-35380-35440-35500 levels.
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