Market Highly Volatile Before Union Budget, Profit Booking Expected
Last Trading Session: Indian Stock Market opened positive as predicted by EquityPandit. EquityPandit predicted that market would see sharp positive breakout once 11110 breaches for Nifty and exactly same happened. Indian Stock market moved sharply positive after breaching EquityPandit’s predicted levels of 11110 for Nifty. Nifty saw highs right near EquityPandit’s predicted resistance levels of 11175. Finally, Indian Stock Market closed gap positive for the day. BankNifty closed right below EquityPandit’s predicted resistance levels of 27500 like a dot.
Today: Indian Stock Market would open flat with negative bias. Technically, Indian Stock Market is still in positive zone. Indian Stock Market has taken positive breakout in last trading session but we would continue to see huge volatility in the market as Union Budget is approaching. Traders can continue long positions until Nifty Holds 11024 levels on closing basis. Profit booking would be seen at higher levels as traders and investors would prefer booking profits in long positions before the Union Budget day. But overall market is positive until it holds 11024 levels for Nifty and 27170 levels for BankNifty on closing basis. Risk-averse traders can book profits and can hold cash in hand to avoid risk of volatility.
FIIs were net buyers of Rs.291.86 crores whereas DIIs were net buyers of Rs.90.08 crores in cash market for last trading session. Nifty would see strong support at 11100-11050-11000-10980 whereas strong resistance would be seen 11175-11200-11240 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 Q3 Results To Be Disclosed Today: Ashoka Buildcon, Bharat Electronics, Bharat Financial Inclusion, Blue Dart, CARE Rating, Cholamandalam Investment, eClerx, EIH, Engineers India, GIC Housing Finance, Godrej Consumer Products, Graphite India, Gujarat Pipavav, Indian Oil Corporation, Jagran Prakashan, Jain Irrigation Systems, Lakshmi Vilas Bank, Mahindra Lifespace, Manpasand Beverages, Navin Fluorine, Oberoi Realty, Oriental Bank Of Commerce, Pirmal Enterprises, Reliance Naval, Reliance Power, Shankara Building, Sundaram Fasteners, Supreme Industries, Suven Life Sciences and TVS Motor.
NSE Nifty: (11130) The support for the Nifty is 11100-11050-11000-10980-10921 and the resistance to the up move is at 11175-11200-11240 levels.
NSE BankNifty: (27498) The support for BankNifty is at 27400-27280-27145-27100 and the resistance to the up move is at 27550-27640-27780 levels.
BSE Sensex: (36283) The support for the Sensex is at 36214-36100-36065-35940 and the resistance to the up move is at 36380-36450-36540-36660 levels.
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