Market To Consolidate But Still In Positive Momentum, Hold Long Positions
Last Trading Session: Indian Stock Market opened positive exactly as predicted. EquityPandit predicted that market would continue to see positive rally and traders should continue to go long at every dip in the market and exactly same happened. Indian Stock Market moved sharply positive and saw new record highs. Traders, who followed EquityPandit advice might have earned huge profits for the day. Finally, Indian Stock Market closed gap positive for the day. BankNifty closed right below EquityPandit’s predicted resistance levels of 27640 like a dot.
Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still in positive zone. Market would continue to see positive rally in days to come and traders should continue to hold long positions in the market. Next logical target for Nifty is set to 11315-11360 levels. Some profit booking can be seen near EquityPandit’s predicted resistance levels due to downfall in Asian peers but it would be temporary in nature and traders should still continue to hold long positions in the market for now. Overall, market is in positive momentum and the right trade is to hold long positions. Few Corporate Giants like Axis Bank, HDFC, Idea Cellular and Tech Mahindra would disclose its quarterly results today and would affect Indian Stock Market direction for the day.
FIIs were net buyers of Rs.738.05 crores whereas DIIs were net buyers of Rs.406.12 crores in cash market for last trading session. Nifty would see strong support at 11230-11200-11170-11125 whereas strong resistance would be seen 11325-11365-11405 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: Avenue Supermart, Axis Bank, Can Fin Homes, Central Bank Of India, Century Textiles, Chennai Petroleum, Escorts, GIC, Godrej Consumer Products, Gujarat Gas, GSPL, HDFC, Idea Cellular, IDFC Bank, IDFC, Interglobe Aviation, JP Associate, KPR Mill, Mahindra Lifespace Developers, New India Assurance Company, Oberoi Realty, Piramal Enterprises, Sharda Cropchem, Shree Cement, Solar Industries India, Sun Pharma Advance Research, Supreme Petrochem, Tech Mahindra and Texmaco Rail.
Stocks In F&O Ban Period: NIL.
NSE Nifty: (11278) The support for the Nifty is 11230-11200-11170-11125 and the resistance to the up move is at 11325-11365-11405 levels.
NSE BankNifty: (27634) The support for BankNifty is at 27450-27340-27280 and the resistance to the up move is at 27780-27880-28000 levels.
BSE Sensex: (37337) The support for the Sensex is at 37230-37110-37072-37000 and the resistance to the up move is at 37540-37660-37740-37880 levels.
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