Continue Long Until Nifty Holds 10262, HDFC, Tata Steel Results Today
Last Trading Session: Indian Stock Market opened flat with positive bias as predicted by EquityPandit. EquityPandit predicted that Indian Stock Market is still in positive zone and would move further positive. EquityPandit also predicted that some profit booking can’t be ruled out at this point of time but traders can continue long until Nifty holds 10232 levels and exactly same happened. Nifty and Sensex made new record highs for the day and saw profit booking by the end of the trading session. Finally, Indian Stock Market closed marginally negative. BankNifty remained under the pressure for the whole trading session.
Today: Indian Stock Market to open flat. Technically, Indian Stock Market is still in positive zone. Market would enter into negative zone only if it closes below 10262 for Nifty and 24632 for BankNifty. Until then traders can hold long positions. Logically, next target is set at 10400-10500 for Nifty but profit booking can’t be ruled out at higher levels and hence traders should keep booking partial profits at every rise. Traders should initiate fresh short positions if Nifty closes below 10262 levels and BankNifty closes below 24632 levels on spot basis.
FIIs were net sellers of Rs.640.95 crores whereas DIIs were net buyers of Rs.56.57 crores in cash market for last trading session. Nifty would see strong support at 10295-10270-10232-10200 whereas strong resistance would be seen at 10386-10400-10440-10485 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: IBREALEST and JSWENERGY.
Corporate Earnings To Be Disclosed Today: Bharti Infratel, Central Bank Of India, Century Plyboards, EIH, HDFC, IDFC, LIC Housing Finance, Lupin, Mahindra Lifespace, Marico, Supreme Industries, Tata Steel, UPL, Welspun Corp and Wockhardt Ltd.
NSE Nifty: (10323) The support for the Nifty is 10295-10270-10232-10200 and the resistance to the up move is at 10386-10400-10440-10485 levels.
NSE BankNifty: (24840) The support for BankNifty is at 24778-2463224570 and the resistance to the up move is at 25000-25200-25280-25380 levels.
BSE Sensex: (33157) The support for the Sensex is at 33012-32800-32670-32600 and the resistance to the up move is at 33180-33240-33380 levels.
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