Market To See Downfall On Italian Turmoil, Initiate Short For Now
Last Trading Session: Indian Stock Market opened flat for the day as predicted by EquityPandit. EquityPandit predicted that market would consolidate after 3 days of bull run. Indian Stock Market consolidated in a range and saw some profit booking for the day. Nifty traded between EquityPandit’s predicted support and resistance levels of 1600 and 10735 respectively. Finally, Indian Stock Market closed gap negative for the day.
Today: Indian Stock Market would open gap negative. Technically, Indian Stock Market is still in positive zone but would see sharp downfall led by Global markets fall on Italian turmoil and may enter into negative zone. Indian Stock Market would enter into negative zone once it closes below 10570 for Nifty and 26166 for BankNifty. If Nifty managed to close below these levels then traders can close all long positions and initiate fresh short positions. Indian Market expected to enter into negative zone and bears would be more active below 10600 for Nifty. Overall, Indian market would be negative due to political issues in European markets.
FIIs were net sellers of Rs.407.33 crores whereas DIIs were net buyers of Rs.578.38 crores in cash market for last trading session. Nifty would see strong support at 10600-10570-10550-10500 whereas strong resistance would be seen 10680-10705-10735-10780 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 Companies To Disclose Its Q4 Results Today: 3M India, 8K Miles software, Aban Offshore, Apar Industries, Apollo Hospitals, Berger Paints, BF Utilities, Canara Bank, EIH, Fortis healthcare, GMR Infrastructure, Grindwell Norton, HUDCO, Infibeam, Info Edge, J&K Bank, La Opala RG, Marksans Pharma, Ncleod Russel India, ONGC, Rajesh Exports, Reliance Communications, SAIL, Suzlon Energy, Tamil Nadu Newsprint, Torrent Pharma, Unitech and V-Guard Industries.
NSE Nifty: (10633) The support for the Nifty is 10600-10570-10550-10500 and the resistance to the up move is at 10680-10705-10735-10780 levels.
NSE BankNifty: (26255) The support for BankNifty is at 26180-26100-26078-26000 and the resistance to the up move is at 26325-26380-26450-26518-26660 levels.
BSE Sensex: (34949) The support for the Sensex is at 34820-34740-34610 and the resistance to the up move is at 34980-35075-35185-35303 levels.
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