Nifty Still In Negative Trend Until It Holds Below 10662, SBI Results Today

Last Trading Session: Indian Stock Market opened positive exactly as predicted by EquityPandit. EquityPandit predicted that market would see some short covering rally (Positive movement) but it would be an opportunity for traders to go short in the market and exactly same happened. Indian Stock Market moved positive and saw strong resistance right near EquityPandit’s predicted resistance levels of 10632 for Nifty, 26075 for BankNifty and 34980 for Sensex like a dot. Market saw sharp downfall from EquityPandit’s predicted resistance levels and traders who followed EquityPandit’s advice to go short at rally might have earned huge profits for the day. Nifty saw lows right near EquityPandit’s predicted support levels of 10500 and finally, Indian Stock Market closed gap negative for the day.

Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still in negative zone. Now, market is near its major support of 10495-10439 for Nifty, breaching which it can slide down to 10300 levels. Traders should remain cautious as of now as Market would try to bounce back from its support zone of 10495-10439. Overall, Indian Stock Market is still in negative momentum and would enter into positive trend only once Nifty closes above 10662 and BankNifty closes above 26194 levels but until then traders can continue to hold short positions. Since, market is near its major support, traders can book partial profits in their short positions and can hold remaining with the closing stoploss of 10662 for Nifty. Bulls would gain momentum, only once Nifty breaches levels of 10620 and until then bears would force market to see further downfall. SBI and Dr. Reddy would disclose its results today and would affect Indian Stock Market direction for the day.

FIIs were net sellers of Rs.496.03 crores whereas DIIs were net buyers of Rs.1190.56 crores in cash market for last trading session. Nifty would see strong support at 10495-10476-10439-10400 whereas strong resistance would be seen 10632-10662-10705 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

Stocks In F&O Ban Period: BALRAMCHIN, DHFL, JETAIRWAYS, JUSTDIAL, PCJEWELLER, RCOM and WOCKPHARMA.

Important Companies To Disclose Its Q4 Results Today: Allcargo Logistics, Andhra Bank, APL Apollo Tubes, Bata India, Bharat Forge, Bosch, Cipla, Dhanuka Agritech, Dr. Reddys Laboratories, Future Consumer, GE Power, HPCL, L&T Technology Services, Minda Industries, Ratnamani Metals & Tubes, Sonata Software, State Bank Of India, Symphony, TV Today Network, Triveni Turbine, TVS Srichakra and VIP Industries.

NSE Nifty: (10517) The support for the Nifty is 10495-10476-10439-10400 and the resistance to the up move is at 10632-10662-10705 levels.

NSE BankNifty: (25751) The support for BankNifty is at 25665-25500-25464 and the resistance to the up move is at 25818-25940-26075-26165 levels.

BSE Sensex: (34616) The support for the Sensex is at 34580-34500-34400-34311 and the resistance to the up move is at 34735-34880-34980-35075 levels.

Note:  If you wish to subscribe for premium packages or have any queries, kindly contact us or mail us at admin@equitypandit.com or call our Executive at 08000816688.

Premium Subscription Pricing details can be seen at Stock Market Premium Services