Initiate Long Only If BankNifty Closes Above 29334 Levels, HDFC And ITC Results Today
Last Trading Session: Indian Stock Market opened positive as predicted. EquityPandit predicted that market would bounce on Doji candlestick formation and exactly same happened. Indian Stock Market moved sharply positive as predicted. BankNifty recovered sharply for the day. Market saw some resistance near EquityPandit’s predicted resistance levels of 11355 for Nifty and 37740 for Sensex and fell down sharply from there. Market saw lows right near EquityPandit’s predicted support levels of 37365 for Sensex like a dot. Finally, Indian Stock Market closed marginally negative whereas BankNifty closed gap positive for the day. Nifty closed right above EquityPandit’s predicted support levels of 11274 like a dot.
Today: Indian Stock Market would open negative. Technically, Indian Stock Market is still in negative zone and would enter into positive zone once it closes above 11414 for Nifty and 29334 for BankNifty. Traders can wait for market to close above these levels and once it’s done, traders can undoubtedly go long in the market. US has increased the tariff on China and now, China is also expected to retaliate, thus creating some pressure on Asian peers but Indian Market is near its strong support now and traders can book profits in their short positions for now as market would consolidate here and some risk of reversal would be there. Market possess strong support near 11250 for Nifty and 28780 for BankNifty. Market is expected to consolidate with some short covering until these levels holds for the market by closing. Corporate Major HDFC and ITC would disclose their quraterly results today and would affect Indian Stock Market direction for the day.
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FIIs were net sellers of Rs.1245.14 crores whereas DIIs were net buyers of Rs.1057.42 crores in cash market for last trading session. Nifty would see strong support at 11255-11235-11165-11125 whereas strong resistance would be seen 11355-11385-11430-11495 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: Andhra Bank, BBTC, CCL Products, Godrej Industries, Honeywell Automation, HDFC, Inox Leisure, ITC, Justdial Karnataka Bank, Linde India, Mangalore Refinery and Petrochemicals, Muthoot Finance, New Indian Assurance Company, Oriental Bank Of Commerce, SRF, Trident, United Bank Of India and Vodafone Idea Ltd.
Stocks In F&O Ban Period: JETAIRWAYS.
NSE Nifty: (11279) The support for the Nifty is 11255-11235-11165-11125 and the resistance to the up move is at 11355-11385-11430-11495 levels.
NSE BankNifty: (29041) The support for BankNifty is at 28911-28820-28740 and the resistance to the up move is at 29130-29180-29270-29385-29502 levels.
BSE Sensex: (37463) The support for the Sensex is at 37365-37290-37230-37110 and the resistance to the up move is at 37660-37740-37880-37910 levels.
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