Nifty To Consolidate As Investors Awaits FED Meeting Outcome
Last Trading Session: Indian Stock Market opened positive. EquityPandit predicted that Indian Stock Market is still in positive zone. EquityPandit also predicted that market would see some profit booking but traders can continue long positions until Nifty holds 10081 levels and exactly same happened. Nifty moved positive and saw record highs on intraday levels but saw profit booking as predicted by EquityPandit. Sensex saw lows right at EquityPandit’s predicted support levels of 32360 like a dot and managed to recover from there. Finally, Indian Stock Market closed flat for the day.
Today: Indian Stock Market to open flat. Technically, Indian Stock Market is still in positive zone. Indian Stock Market would consolidated for now as investors await US FED meeting outcome. US President Trump warns North Korea in UN speech and hence market would remain under pressure due to geopolitical concerns. Nifty hit the record highs but formed a bearish candle in last trading session. Now, trading below 10130 would make bears active and market can fell further but until Nifty holds 10130 on closing basis, bulls can come into action again and may see lifetime high levels for Nifty again. Market would enter into selling zone only if it closes below 10086 levels for Nifty and 24856 levels for BankNifty. Traders can close all long positions and initiate fresh short positions if that happens. Until then traders can continue to hold long positions for Nifty.
FIIs were net sellers of Rs.1719.62 crores whereas DIIs were net sellers of Rs.77.68 crores in cash market for last trading session. Nifty would see strong support at 10130-10116-10081-10050 whereas strong resistance would be seen at 10188-10205-10218-10235 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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Stocks In F&O Ban Period: BEML, DHFL, HDIL, IBREALEST, INFIBEAM, JPASSOCIAT, JSWENERGY and JUSTDIAL.
NSE Nifty: (10148) The support for the Nifty is 10130-10116-10081-10050 and the resistance to the up move is at 10188-10205-10218-10235 levels.
NSE BankNifty: (25042) The support for BankNifty is at 24940-24815-24737 and the resistance to the up move is at 25080-25188-25240-25340 levels.
BSE Sensex: (32402) The support for the Sensex is at 32360-32238-32130-32082 and the resistance to the up move is at 32450-32546-32636-32688 levels.
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