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Share Market Tips for – Monday, October 22, 2018

EquityPandit

Market Would Bounce Back If Nifty Manages To Hold Above 10198 By Closing

 

Last Trading Session: Indian Stock Market opened gap negative for the day. Market moved sharply negative for the day. IT index was major reason for the downfall. Reliance Industries results also weighted on this downfall. Finally, Indian Stock Market closed gap negative for the day but anyhow managed to close above support levels of 10300 levels for Nifty and 25000 for BankNifty.

Today: Indian Stock Market would open flat. Technically, Nifty is still in negative zone whereas BankNifty is in positive zone. Now, either Nifty needs to close above 10511 levels to push whole market in positive trend and generate bullish sentiments or else BankNifty needs to close below 24947 to bring market in negative zone. Until either of this happens, market would continue to consolidate in a range. IT sector would remain in pressure. Friday’s lows of 10249 would act as immediate support for Nifty and the bounce back is possible until 10200 holds for Nifty.

FIIs were net sellers of Rs.618.26 crores whereas DIIs were net sellers of Rs.2.14 crores in cash market for last trading session. Nifty would see strong support at 10249-10198-10140-10065 whereas strong resistance would be seen 10380-10451-10500-10618 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

Click Here to Check the Trend Of Major Indices and Stocks

Important Quarterly Results To Be Declared Today: Alembic Pharma, Asian Paints, Can Fin Homes, CCL Products, Glaxosmithkline Pharma, Hatsun Agro Products, Hindustan Zinc, Inox Leisure, Kansai Nerolac Paints, Lakshmi Machine Works, Oberoi Realty, Schaeffler India Ltd, Welspun India Ltd.

Stocks In F&O Ban Period: ADANIPOWER, DHFL and JETAIRWAYS.

NSE Nifty: (10304) The support for the Nifty is 10249-10198-10140-10065 and the resistance to the up move is at 10380-10451-10500-10618 levels.

NSE BankNifty: (25086) The support for BankNifty is 25000-24798-24618-24500 and the resistance to the up move is at 25202-25265-25340-25480 levels.

BSE Sensex: (34316) The support for the Sensex is at 34110-34070-33899-33750 and the resistance to the up move is at 34500-34610-34666-34770-34850 levels.

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