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Last Trading Session: Exactly as predicted by EquityPandit that market would open flat with negative bias and would further profit booking as market is weak but would see strong support at 5840 for Nifty and 19200 for Sensex and exactly same happened. Market opened flat with negative bias exactly as per EquityPandit’s prediction. Market saw further profit booking as per EquityPandit’s expectations. Finally market saw strong supports near EquityPandit’s predicted support levels of 5840 for Nifty and 19200 for Sensex.

Today: Technically, analysis would still remain same. Market may open positive with 10-35 points for Nifty and 30-100 points for Sensex but trends are suppose to become weak at higher levels. RBI Policy would be declared today. EquityPandit expects RBI to see no rate cut or maximum 25bps CRR or 25bps Repo rate cut for now but not both. Anything higher than that would generate buying in the market but expectations are very less. 25bps CRR or Repo rate cut would generate some kind of buying but may not take Nifty much higher. So traders are suggested to wait until RBI policy get disclosed and then take any new trades. For now 5840 would still be deciding point of Nifty, which if breached, then levels of 5800-5780 would be next target. Until then Nifty would see sideways movements. Strong resistance would be seen at 5906-5925-5950 levels for Nifty. So traders can trade short at higher levels and long near 5840-5800 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

BSE Sensex: (19244) The support for the Sensex is at 19200-19000-18880 and the resistance to the up move is at 19440-19600.

NSE Nifty: (5858) The support for the Nifty is at 5840-5800-5780 and the resistance to the up move is at 5906-5925.

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