Market Bearish Only If Nifty Closes Below 11580, TCS And Infosys Results Today
Last Trading Session: Indian Stock Market opened flat as predicted. EquityPandit predicted that market is still consolidating and traders should go short only if Nifty closes below 11580 levels. Indian Stock Market moved negative for the day. Market saw lows right at EquityPandit’s predicted support levels of 29650 for BankNifty and 11548 for Nifty like a dot. Market recovered to some extent by the end of the trading session and finally, managed to close flat for the day.
Today: Indian Stock Market would open flat. Technically, analysis would still remain same. Nifty is still in positive zone whereas BankNifty is still in negative zone. Nifty would enter into negative zone only if it closes below 11580 levels but until then market would continue to consolidate. Today is the big event day when both IT major TCS and Infosys would disclose its annual results that would affect the direction of Indian Stock Market for the day. Traders should trade cautiously and should hedge their positions until market doesn’t indicate clear direction. Market is standing right at support and breaching this support would result into sharp downfall whereas breaching the Triangle Pattern over the inclined area would result into fresh buying and a sharp breakout would be seen in this case.
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FIIs were net buyers of Rs.476.51 crores whereas DIIs were net sellers of Rs.16.58 crores in cash market for last trading session. Nifty would see strong support at 11570-11548-11520-11498 whereas strong resistance would be seen 11630-11682-11700-11730 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
Important Results To Be Declared Today: Infosys and TCS
Stocks In F&O Ban Period: DHFL, DLF, IDBI, JETAIRWAYS, PCJEWELLER, RPOWER and WOCKPHARMA.
NSE Nifty: (11597) The support for the Nifty is 11570-11548-11520-11498 and the resistance to the up move is at 11630-11682-11700-11730 levels.
NSE BankNifty: (29786) The support for BankNifty is at 29721-29650-29545-29400 and the resistance to the up move is at 29880-29950-30027-30075 levels.
BSE Sensex: (38607) The support for the Sensex is at 38445-38340-38265-38227-38100 and the resistance to the up move is at 38700-38747-38800-38950 levels.
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