Market To Rally Further If Nifty Closes Above 10618, Breakdown Only Below 10446
Last Trading Session: Indian Stock Market opened positive for the day. Market consolidated for the whole day with low volumes due to the festive week. Last week, EquityPandit predicted that traders can hold long positions until Nifty holds above 10450 levels and exactly same happened. Indian Stock Market managed to hold 10450 for Nifty and closed positive for the week. Finally, Indian Stock Market closed flat for the day.
Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still in positive zone. Market has consolidated in last week and we would now see a decisive movement in either direction. Close above 10618 for Nifty would force market to see sharp positive rally with the logical targets of 10700-10820 whereas close below 10446 for Nifty would force market to see sharp downfall. Until then market would continue to consolidate. Traders can hold long positions or buy at dips until Nifty holds above 10446 levels on closing basis.
FIIs were net buyers of Rs.614.14 crores whereas DIIs were net sellers of Rs.337.28 crores in cash market for last trading session. Nifty would see strong support at 10500-10445-10400-10380 whereas strong resistance would be seen 10632-10662-10705-10765 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 Quarterly Results To Be Declared Today: Auribindo Pharma, Bank Of India, Britannia Industries, Centrum Capital, Coal India, Eicher Motors, Godrej Industries, Greenply Industries, Gulf Oil Lubricants, Himadri Speciality Chemical, Jain Irrigation Systmes, Jet Airways, Jindal Saw, MMTC, National Aluminium Company, New India Assurance Company, Oil India, PTC India, Rashtriya Chemicals, Shree Cements, SJVN, Star Cement, Tamil Nadu Newsprint, UCO Bank, Union Bank Of India and Vardhman Textiles.
Stocks In F&O Ban Period: NIL.
NSE Nifty: (10585) The support for the Nifty is 10500-10445-10400-10380 and the resistance to the up move is at 10632-10662-10705-10765 levels.
NSE BankNifty: (25771) The support for BankNifty is 25580-25500-25450-25400-25318 and the resistance to the up move is at 25862-25940-26075-26206 levels.
BSE Sensex: (35159) The support for the Sensex is at 35065-35000-34940-34820-34740 and the resistance to the up move is at 35240-35303-35460-35606 levels.
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