Short Covering Rally To Be Seen But Go Long Only If Nifty Closes Above 9464

Last Trading Session: Indian Stock Market opened positive for the day. EquityPandit predicted that Indian Stock Market has entered into negative zone. EquityPandit also predicted that market would see some bounce from current levels but once Nifty breaches levels of 9370, it would see further downfall towards 9336 levels and exactly same happened. Nifty bounced from its previous closing levels of 9386 towards 9431 while opening but was not able to sustain the levels. Market fell sharply from those levels and finally breached EquityPandit’s predicted levels of 9370 for Nifty. Nifty saw lows right near EquityPandit’s predicted support levels of 9336 for the day. Sensex also saw strong resistance right at EquityPandit’s predicted resistance levels of 30540 like a dot. Finally, Market closed negative for the day. Sensex closed right above EquityPandit’s predicted support levels of 30300 like a dot.

Today: Indian Stock Market would open positive. Technically, Indian Stock Market, including Nifty, Sensex and BankNifty are still in negative zone. Today is F&O Expiry and huge volatility would be seen in the market. US Fed minutes indicate plan to wind down the balance sheet and this reduces chances of more rate hike. This is a positive news for market. Major support would be seen at 9336-9300-9270 levels for Nifty whereas Nifty would see immediate resistance at 9400-9450 levels. There is strong chance of some short covering rally in BankNifty and Nifty. Breaching levels of 9340 would confirm the weakness in Nifty. Cross border tensions would keep Market in pressure. Market would see reversal and enter into positive zone only if Nifty closes above 9464 levels and BankNifty closes above 22810 levels.

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FIIs were net buyers of Rs.81.88 crores whereas DIIs were net buyers of Rs.197.31 crores in cash market for last trading session. Nifty would see strong support at 9336-9300-9270 whereas strong resistance would be seen at 9400-9450-9480-9500 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 Corporate Results Today: AIA Engineering, Ashok Leyland, Bajaj Hindusthan Sugar, BF Utilities, Bosch Ltd, Britannia Industries, Cipla, GSPL, Indian Oil Corporation, Manappuram Finance, Mphasis, NMDC, Page Industries, Prism Cement and Redington India..

NSE Nifty : (9361) The support for the Nifty is 9336-9300-9270 and the resistance to the up move is at 9400-9450-9480-9500 levels.

NSE BankNifty : (22536) The support for BankNifty is at 22500-22445-22307-22240 and the resistance to the up move is at 22618-22740-22764-22834 levels.

BSE Sensex: (30301) The support for the Sensex is at 30270-30185-30110 and the resistance to the up move is at 30450-30480-30540-30610-30710 levels.

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