Market Would See Consolidation-Cum-Profit Booking Until RBI Monetary Policy
Last Trading Session: Indian Stock Market opened gap positive exactly as predicted by EquityPandit. EquityPandit predicted Indian Stock Market is still in positive zone and reversal would be seen only if Nifty closes below 10618 levels. EquityPandit also predicted that Market would start showing bearish Intraday signals once it breaches 10670 levels for Nifty and exactly same happened. Indian Stock Market saw highs right at EquityPandit’s predicted resistance levels of 10765-10780 levels. Nifty saw profit booking and breached EquityPandit’s intraday levels of 10670 and fell sharply from there. Nifty saw lows right at EquityPandit’s predicted support levels of 10618 like a dot. Finally, Indian Stock Market closed gap negative for the day.
Today: Indian Stock Market would open negative. Technically, BankNifty has entered into negative zone but Nifty is still in positive zone. Market would continue to consolidate and would see some further profit booking following weak BankNifty. BSE has placed Additional Surveillance Measure on many midcap stock that forced all the stocks to see lower circuit in last trading session. Broking Houses would see margin call getting triggered and hence would force market to see further profit booking. Market would remain sideways with bearish trend until RBI Monetary Policy that would held on Wednesday, June 06, 2018. RBI Policy would decide the further direction of the market but until then market would consolidate and further profit booking till 10550 levels for Nifty may be seen.
FIIs were net buyers of Rs.2354.03 crores whereas DIIs were net sellers of Rs.712.41 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.
Click Here to Check the Trend Of Major Indices and Stocks
Stocks In F&O Ban Period: NIL.
NSE Nifty: (10629) 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: (26258) The support for BankNifty is at 26100-26078-25980-25600 and the resistance to the up move is at 26325-26380-26450-26518 levels.
BSE Sensex: (35012) The support for the Sensex is at 34940-34820-34740-34610 and the resistance to the up move is at 35075-35185-35303 levels.
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