Some Profit Booking Expected, Wait For Confirmation Before Taking Further Trades
Last Trading Session: Indian Stock Market opened positive exactly as predicted by EquityPandit. EquityPandit predicted that market is still in positive momentum and is expected to see further positive rally. EquityPandit also predicted that traders can continue to hold long positions in BankNifty for now and exactly same happened. Indian Stock Market moved sharply positive. Though market corrected back but BankNifty saw sharp positive movement for the day. Traders, who followed EquityPandit’s advice might have earned huge profits for the day. Finally, Indian Stock Market closed flat for the day but BankNifty closed gap positive for the day.
Today: Indian Stock Market would open negative. Technically, Nifty is still in negative zone whereas BankNifty is still in positive zone. Though BankNifty is outperforming but overall, market is consolidating for now and would see some profit booking. Nifty would enter into positive zone only if it closes above 10737 and BankNifty would enter into negative zone if it closes below 25775. Market is consolidating and traders should wait for either BankNifty to enter into negative zone or Nifty to enter into positive zone to take further positions in that direction.
FIIs were net sellers of Rs.97.15 crores whereas DIIs were net buyers of Rs.923.25 crores in cash market for last trading session. Nifty would see strong support at 10700-10675-10645-10600 whereas strong resistance would be seen 10785-10803-10840-10880 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: BALRAMCHIN, DHFL, IRB, JETAIRWAYS, JUSTDIAL and WOCKPHARMA.
Important Companies To Disclose Its Q4 Results Today: Arvind, Eicher Motors, EID Parry, Federal Bank, GMDC, Jindal Steel & Power, Linde India and Sundram Fasteners.
NSE Nifty: (10718) The support for the Nifty is 10700-10675-10645-10600 and the resistance to the up move is at 10785-10803-10840-10880 levels.
NSE BankNifty: (26091) The support for BankNifty is at 25800-25665-25598-25500 and the resistance to the up move is at 25920-26070-26130-26270 levels.
BSE Sensex: (35216) The support for the Sensex is at 35070-35000-34970-34850 and the resistance to the up move is at 35270-35380-35440-35507 levels.
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