Nifty Still In Positive Trend But Consolidation Until BankNifty Closes Above 27037
Last Trading Session: Indian Stock Market opened flat exactly as predicted. EquityPandit predicted that Nifty has entered into positive trend but BankNifty is still in negative trend and exactly same happened. Market moved sharply positive after opening and saw highs right at EquityPandit’s predicted resistance levels of 11139 for Nifty like a dot. There was sudden profit booking in the mid of trading session and BankNifty moved sharply negative to see lows right at EquityPandit’s predicted support levels of 26865 like a dot. Finally, Nifty recovered and managed to close gap positive but BankNifty was not able to recover and closed negative for the day.
Today: Indian Stock Market would open flat with positive bias. Technically, Nifty is still in positive zone but BankNifty is in negative zone. Overall, market is bullish but BankNifty is a concern. BankNifty needs to close above 27037 to continue the bullish trend. Market would consolidate until BankNifty manages to close above 27037. Traders can continue long positions in Nifty until it holds above 11028 on closing basis. Once BankNifty closes above 27037, we would see sharp positive rally in broader market but until then traders can remain cautious. L&T, Hero Motocorp and Oriental Bank Of Commerce would disclose its quarterly results today and would affect the Indian Stock Market direction for the day.
FIIs were net buyers of Rs.104.34 crores whereas DIIs were net buyers of Rs.513.78 crores in cash market for last trading session. Nifty would see strong support at 11090-11024-11000-10980 whereas strong resistance would be seen 11175-11200-11215 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: Ambuja Cememts, BHEL, Bharti Infratel, Canara Bank, Crompton Greaves, GE T&D, Hero MotoCorp, GRUH Finance, Intellect Design Arena, IRB Infrastructure, JSW Steel, Jubilant Foodworks, Jyothy Laboratories, KPIT Technologies, L&T, NOCIL, Oriental Bank Of Commerce, PVR Ltd, Reliance Nippon Life Asset, Sanofi India, Shriram City Union Finance, SKF India, Syngene International, Tata Elxsi and TTK Prestige.
Stocks In F&O Ban Period: ADANIENT.
NSE Nifty: (11134) The support for the Nifty is 11090-11024-11000-10980 and the resistance to the up move is at 11175-11200-11215 levels.
NSE BankNifty: (26974) The support for BankNifty is at 26865-26800-26685 and the resistance to the up move is at 27075-27165-27240-27380-27470 levels.
BSE Sensex: (36825) The support for the Sensex is at 36708-36600-36518-36422-36320 and the resistance to the up move is at 36880-36946-37025-37075 levels.
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