Market To Consolidate And A Bounce Back Expected Until Nifty Holds 10000 Levels
Last Trading Session: Indian Stock Market opened negative for the day. EquityPandit predicted that market is in negative zone but as it is near its strong support, a bounce back would definitely be seen and exactly same happened. Nifty saw lows right at EquityPandit’s predicted support levels of 10047 like a dot. Sensex and BankNifty also saw strong support right near EquityPandit’s predicted support levels of 32800 and 24075 respectively. Finally, Indian Stock Market recovered from day lows and managed to close marginally positive for the day.
Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still in negative zone. Now since we are into Financial Year closing and hence we don’t see any sharp correction in March Expiry. Market would consolidate in a rangebound region until this month end and even a bounceback would be seen from current levels. Nifty would enter into positive zone only if it closes above 10226. Market expected to see some bounce back but it would be considered as sell on positive rally until Nifty holds below 10226 on closing basis. Further downfall is expected to start in April month.
FIIs were net buyers of Rs.344.16 crores whereas DIIs were net buyers of Rs.731.17 crores in cash market for last trading session. Nifty would see strong support at 10090-10047-10020-9987 whereas strong resistance would be seen 10150-10200-10226-10275 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: DHFL, HDIL, IDBI, IFCI, JINDALSTEL, JPASSOCIAT, RCOM and SAIL.
NSE Nifty: (10124) The support for the Nifty is 10090-10047-10020-9987 and the resistance to the up move is at 10150-10200-10226-10275 levels.
NSE BankNifty: (24168) The support for BankNifty is at 24130-24075-24000-23947 and the resistance to the up move is at 24350-24422-24462 levels.
BSE Sensex: (32997) The support for the Sensex is at 32800-32670-32600 and the resistance to the up move is at 33060-33118-33180-33240 levels.
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