Hold Long Positions In BankNifty As Of Now, Overall Market Positive

Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat with positive bias for the day. EquityPandit predicted that Indian Stock Market Would see further positive movement. EquityPandit also predicted that traders should hold long positions in BankNifty and add more at dips and exactly same happened. Market moved positive but was not able to breach 8700 for Nifty and consolidated in a rangebound region but BankNifty moved sharply positive and managed to close positive for the day. Traders who followed EquityPandit’s advice to hold long positions in BankNifty might have earned decent profits for the day. Finally, Indian Stock Market closed flat for the day.

Today: Indian Stock Market would open positive. Technically, Indian Stock Market is in positive trend and analysis would remain same. Mr. Urjit Patel has been appointed as new RBI Chief and this is positive news for the market as all the policies would remain intact as he was Deputy Chief of RBI and would work on the same policies. Market would see further positive movement and Next target for BankNifty would be 19500-20000 levels. Traders should hold long positions as of now. Now, traders should watch for Nifty resistance of 8750 levels. Once Nifty breaches those levels, we would see new highs in days to come. Overall market is positive and traders should hold long positions and add more on dips. Market near F&O expiry and we may see some consolidation at this point of time.
FIIs were net buyers of Rs.409.94 crores whereas DIIs were net sellers of Rs.106.19 crores in cash market for last trading session. Nifty would see strong support at 8630-8600-8550-8530 whereas strong resistance would be seen at 8707-8741-8775 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 Results To Be Disclosed Today: Allcargo Logistics, HFCL, Hindustan Copper, HPCL, Indraprastha Gas, NTPC and Shree Renuka Sugars.

NSE Nifty: (8667) The support for the Nifty is 8630-8600-8550-8530 and the resistance to the up move is at 8707-8741-8775 levels.

NSE BankNifty: (19415) The support for BankNifty is at 19080-19950-18825-18610 and the resistance to the up move is at 19500-19660-19800-20000 levels.

BSE Sensex: (28077) The support for the Sensex is at 27950-27870-27736 and the resistance to the up move is at 28180-28294-28340-28500 levels.

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