Market Still Bearish Until Nifty Holds Below 11123, HDFC, ITC And SBI Results Today
Last Trading Session: Indian Stock Market opened negative for the day. Market remained bearish from the first hour of the trading session and steadily moved in the negative region. Market breached the immediate support of 11000 and fell down sharply from there as expected. Market breached psychological support levels of 11000 for Nifty and saw sharp breakdown from there as predicted. Finally. Indian Stock Market closed gap negative for the day. Nifty closed right at EquityPandit’s predicted support levels of 10980 like a dot.
Today: Indian Stock Market would open negative. Technically, Indian Stock Market is still in negative zone. Market would continue to remain bearish until it is trading below 11000 levels on closing basis. Further downfall could be seen in the market that could force market to see levels of 10840-10800 in upcoming sessions. Market is very stretched and a bounce could be seen but market needs to close above 11000 for Nifty to change the sentiments. Market would again enter into positive zone only if it closes above 11123 for Nifty on spot basis but until then market would remain choppy.
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FIIs were net sellers of Rs.1056.55 crores whereas DIIs were net buyers of Rs.561.28 crores in cash market for last trading session. Nifty would see strong support at 10900-10840-10800-10749 whereas strong resistance would be seen 11005-11025-11078-11110 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 Disclosed Today: Aditya Birla Capital, Andhra Bank, Astral Poly Technik, Bata India, BEML, Birla Corporation, Deepak Nitrite, eClerx services, Elgi Equipments, Equitas, Exide Industries, Firstsource Solutions, Godrej Agrovet, GSPL, Housing & Urban Development Corporation, HDFC, Inox Leisure, ITC, Laurus Labs, Nestle India, Parag Milk Foods, Power Grid Corporation, Somany Ceramics, SBI, Tata Communications, Ujjivan Financial Services, Union Bank Of India and V-Mart Retail.
Stocks In F&O Ban Period: NIL.
NSE Nifty: (10980) The support for the Nifty is 10900-10840-10800-10749 and the resistance to the up move is at 11005-11025-11078-11110 levels.
NSE BankNifty: (28367) The support for BankNifty is 28250-28170-28085-28000 and the resistance to the up move is at 28445-28500-28600-28660-28740 levels.
BSE Sensex: (37018) The support for the Sensex is at 36950-36850-36814-36770-36980 and the resistance to the up move is at 37110-37270-37368-37500 levels.
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