Market To Be Highly Volatile Due To Budget, SBI Results Today
Last Trading Session: Indian Stock Market opened gap positive exactly as predicted by EquityPandit. EquityPandit predicted that market would see positive rally but traders should initiate long positions only if Nifty breaches 10750 levels. Market moved sharply positive and breached all resistance levels for the day. Finally, Indian Stock Market closed gap positive for the day.
Today: Indian Stock Market would open positive. Technically, Indian Stock Market including Nifty, BankNifty and Sensex have entered into positive zone. Today is the Budget day that would start at 11 AM. Market would remain highly volatile. Though this budget looks populist and may not affect the market much as it is the Interim Budget but it would pave the path for Government towards General Elections. Overall, market would be highly volatile and everything would be dependent on the announcements. Profit booking would be seen but initiate short positions only if market closes below 10632 for Nifty and 26770 for BankNifty. If Market manages to hold above 10632 for Nifty then it would see targets of 10920-10980 and may breach levels of 11000 for Nifty in upcoming days. PSU Bank Major SBI would disclose its quarterly results today.
FIIs were net buyer of Rs.3006.41 crores whereas DIIs were net sellers of Rs.1634.32 crores in cash market for last trading session. Nifty would see strong support at 10749-10700-10675-10630 whereas strong resistance would be seen 10880-10900-10922-10945-10980 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 Results To Be Disclosed Today: Akzo Nobel India, Berger Paints India, Carborundum Universal, Deepak Nitrite, Dr. Reddy’s Laboratories, EID Parry, Elgi Equipments, Equitas Holdings, Galaxy Surfactants, GIC Housing Finance, Jagran Prakashan, Jubilant Life Sciences, Kalpataru Power Transmission, Monsanto India, NOCIL, Rajesh Exports, Sheela Foam, State Bank Of India, Sundaram Fasteners, Thomas Cook, Titan Company and Westlife Development.
NSE Nifty: (10831) The support for the Nifty is 10749-10700-10675-10630 and the resistance to the up move is at 10880-10900-10922-10945-10980 levels.
NSE BankNifty: (27295) The support for BankNifty is at 27172-27026-26988-26865 and the resistance to the up move is at 27456-27500-27600-27720 levels.
BSE Sensex: (36257) The support for the Sensex is at 36065-35950-35880-35774 and the resistance to the up move is at 36380-36465-36540-36660 levels.
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