Market To Consolidate Until BankNifty Closes Above 27165, Infy Results Today
Last Trading Session: Indian Stock Market opened gap positive for the day. EquityPandit predicted few days back that Market has entered positive zone and traders should go long at every dip in the market and exactly same happened. Indian Stock Market moved sharply positive since then, exactly as predicted by EquityPandit. Nifty gained almost 350 points and BankNifty gained around 550 points since then. Traders, who followed EquityPandit’s advice might have earned whopping profits in last few days. Finally, Indian Stock Market closed sharply positive for the day.
Today: Indian Stock Market would open positive. Technically, Indian Stock Market is still in positive zone and traders should continue to hold long positions for now. BankNifty has again reversed from 27164 levels for second time and hence BankNifty needs to close above 27165 levels to support Nifty. Nifty would continue to consolidate in this region until BankNifty closes above 27165. Traders can continue to hold long positions until market closes below 10947 for Nifty and 26806 for BankNifty. Market may see some profit booking after five days of positive movement but traders can wait for reversal levels to initiate any short positions. Infosys would disclose its quarterly results today and would affect Indian Stock Market for the day.
FIIs were net sellers of Rs.742.63 crores whereas DIIs were net buyers of Rs.366.40 crores in cash market for last trading session. Nifty would see strong support at 11000-10980-10947-10921 whereas strong resistance would be seen 11080-11139-11175-11200 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 Q1 results to be disclose today: Bajaj Corp and Infosys.
Stocks In F&O Ban Period: JETAIRWAYS.
NSE Nifty: (11023) The support for the Nifty is 11000-10980-10947-10921 and the resistance to the up move is at 11080-11139-11175-11200 levels.
NSE BankNifty: (27026) The support for BankNifty is at 26955-26865-26800-26685 and the resistance to the up move is at 27075-27165-27240-27380-27470 levels.
BSE Sensex: (36548) The support for the Sensex is at 36480-36320-36214-36100 and the resistance to the up move is at 36700-36780-36880 levels.
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