Market To Consolidate Until Nifty Breaches 8460, Hold Long Positions For Now

Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened negative for the day. EquityPandit predicted that Indian Stock Market is still in positive zone. EquityPandit also predicted that Nifty would see some profit booking for the day but traders can hold long positions until Nifty holds 8351 levels and exactly same happened. Indian Stock Market opened negative and saw some profit booking. Nifty saw strong support right near EquityPandit’s predicted support levels of 8380 levels and rebounded from there. Market moved higher following the Banking sector and saw highs right near EquityPandit’s predicted resistance levels of 8430 like a dot. 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. BankNifty is stronger as of now and would remain strong until it holds 19000 levels on closing basis. Traders can hold long positions as of now in BankNifty. Nifty would face strong resistance near 8460-8500 levels. Once Nifty closes above 8500 levels, it can see levels of 8600-8750 in upcoming days. Market would see reversal once it closes below 18762 levels for BankNifty and 8351 levels for Nifty. Until then traders can hold long positions. Some profit booking can be seen but as we said earlier, Market would not see big downfall due to Union Budget Expectations.

FIIs were net sellers of Rs.347.25 crores whereas DIIs were net buyers of Rs.203.45 crores in cash market for last trading session. Nifty would see strong support at 8380-8351-8325-8300-8240 whereas strong resistance would be seen at 8430-8457-8500 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: Deltacorp, Havells, Mastek and NIIT Technologies.

NSE Nifty: (8412) The support for the Nifty is 8380-8351-8325-8300-8240 and the resistance to the up move is at 8430-8457-8500 levels.

NSE BankNifty: (19096) The support for BankNifty is at 19000-18940-18825-18734 and the resistance to the up move is at 19140-19330-19435-19490 levels.

BSE Sensex: (27288) The support for the Sensex is at 27160-27060-26950-26870 and the resistance to the up move is at 27385-27450-27600 levels.

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