Event Packed Week, Market To Consolidate Until Nifty In Range Of 9075-9165, RIL Results Today

Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened gap positive for the day. EquityPandit predicted that Nifty would move positive and traders can go long with strict stoploss of 9100 on closing basis. EquityPandit also predicted that Nifty would see reversal only if it manages to close above 9164 levels and until then traders should not take long positions home and exactly same happened. Indian Stock Market saw gap positive opening. Nifty opened above our reversal levels of 9164 but slide down sharply to close below those levels. Nifty once again saw strong support near 9100 levels. Market saw highs right at EquityPandit’s predicted resistance levels of 21607 for BankNifty and 9185 for Nifty and 29585 for Sensex like a dot. Finally, Indian Stock Market closed negative for the day. BankNifty closed right below EquityPandit’s predicted resistance of 21560 levels.

Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still in negative zone as of now. Market is in consolidation as of now but packed with many major events this week. French Election, Geopolitical issues, Trump announcement on Tax laws, Major Corporate earnings of Reliance Industries, Kotak Mahindra Bank, Maruti & Wipro and F&O Expiry, all are lined up this week. This week would be full of volatility and a breakout or breakdown can be seen soon from the range. Nifty would be considered strong until it holds 9075 levels on closing basis, below which it would become weak and slide can be seen towards 9030-9000 levels. Nifty would see reversal once it closes above 9165 levels. Once Nifty closes above 9165 levels, we would soon see a breakout from the range with a sharp positive rally. Traders should wait for Nifty to close out of the range of 9075-9165 levels. Until then traders can go long at EquityPandit’s predicted support leves and sell near resistance levels.

FIIs were net sellers of Rs.978.34 crores whereas DIIs were net buyers of Rs.1132.3 crores in cash market for last trading session. Nifty would see strong support at 9097-9080-9045-9020 whereas strong resistance would be seen at 9165-9185-9220 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 Corporate Results Today: Hexaware Technologies, Indiabulls Housing Finance, Rallis India, Reliance Industries and UltraTech Cement.

NSE Nifty: (9119) The support for the Nifty is 9097-9075-9045-9020 and the resistance to the up move is at 9165-9185-9220 levels.

NSE BankNifty: (21551) The support for BankNifty is at 21470-21400-21331-21250 and the resistance to the up move is at 21607-21740-21790-21840 levels.

BSE Sensex: (29365) The support for the Sensex is at 29255-29200-29145-29060-29000 and the resistance to the up move is at 29485-29585-29660 levels.

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