Market In Negative Zone But Recovery Possible Until Nifty Holds Above 10000 

Last Trading Session: Indian Stock Market opened gap negative exactly as predicted by EquityPandit. EquityPandit predicted that Indian Stock Market would see sharp downfall while opening and traders can wait for Nifty to test 10100-10000 zone and can go long in this zone. EquityPandit also predicted that this zone would act as strong support and market would see bounce back from there and exactly same happened. Indian Stock Market moved sharply negative and tested EquityPandit’s predicted support zone of 10100-10000 levels. Finally, market rebounded from those levels and traders who followed EquityPandit’s advice to go long in that zone might have earned decent profits for the day. Finally, Indian Stock Market closed gap negative for the day.

Today: Indian Stock Market would open flat with negative bias. Technically, Indian Stock Market including Nifty, BankNifty and Sensex are in negative zone. Though the risk of downfall would prevail but we cannot deny the fact that 10100-10000 is an important support zone for Nifty and should not break so easily. Though overall market is bearish but the chart suggests that market should see some short covering rally from here and can see some positive movement. Traders, who went long yesterday can continue to hold their positions whereas other Intraday and swing traders can take the risk of entering long positions in 10100-10000 zone for Nifty with stoploss below 10000 on closing basis. Traders should understand that overall market is still bearish but any positive movement would just be a temporary recovery against the sharp downfall. Market would enter into positive zone only if Nifty closes above 10299 levels. Corporate Giants Like ICICI Bank, Dr. Reddys Laboratories and ITC would disclose its quarterly results today and would affect Indian Stock Market for the day.

FIIs were net sellers of Rs.1495.71 crores whereas DIIs were net buyers of Rs.339.6 crores in cash market for last trading session. Nifty would see strong support at 10100-10065-10000-9950 whereas strong resistance would be seen 10242-10305-10360-10380 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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Important Quarterly Results To Be Declared Today: Atul Ltd, Bharat Electronics, Capital First, Coromandel International, Deepak Nitrite, Dr Reddys Laboratories, Edelweiss Financial Services, ICICI Bank, Indian Overseas Bank, ITC, Mahindra Lifespace Developers, Nestle India, PI Industries, Shopper Stop, Supreme Petrochem and UPL Ltd.

Stocks In F&O Ban Period: ADANIPOWER.

NSE Nifty: (10125) The support for the Nifty is 10100-10065-10000-9950 and the resistance to the up move is at 10242-10305-10380 levels.

NSE BankNifty: (24817) The support for BankNifty is 24780-24618-24536-24465 and the resistance to the up move is at 25000-25115-25202-25265-25340 levels.

BSE Sensex: (33690) The support for the Sensex is at 33575-33480-33313-33180 and the resistance to the up move is at 33830-34075-34110-34240 levels.

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