Nifty Still In Positive Momentum Until 10977 Holds By Closing

Last Trading Session: Indian Stock Market opened flat as predicted by EquityPandit. EquityPandit predicted that market would see sharp profit booking after a positive opening and hence traders should book profits at initial positive movement in the market. EquityPandit already predicted that this profit booking would be a temporary profit booking and exactly same happened. Indian Stock Market opened flat to positive and then fell down sharply to see lows right near EquityPandit’s predicted support levels of 11000 for Nifty and 27145 for BankNifty. Finally, Indian Stock Market recovered sharply but closed negative for the day.

Today: Indian Stock Market would open gap positive. Technically, Indian Stock Market is still in positive zone. Now, we are into Union Budget week and hence huge volatility would be seen in the market. An indecisive bar was generated in the market and hence we could see a big movement in either side. Breaching 11110 would see a positive breakout in the market whereas breaching 11000 on downside would induce selling in the market. Market would enter into negative zone only if it closes below 10977 for Nifty but until then market would be considered positive. Traders should remain cautious as surprise swings would be seen in the market. All eyes are on Union Budget for now. Overall, market is positive for now and traders should continue long in the market with stoploss below 10977 for Nifty on closing basis.

FIIs were net buyers of Rs.937.31 crores whereas DIIs were net sellers of Rs.965.67 crores in cash market for last trading session. Nifty would see strong support at 11050-11000-10980-10921 whereas strong resistance would be seen 11139-11175-11200-11240 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 Q3 Results To Be Disclosed Today: Century Textiles, Elgi Equityments, Emami, HDFC, HSIL, IDFC, Inox Leisure, Lakshmi Machine Works, Orient Cement, Reliance Communications, Sun Pharma Advanced Research Company, Supreme Petrochem, Trident and Wockhardt.

NSE Nifty: (11070) The support for the Nifty is 11050-11000-10980-10921 and the resistance to the up move is at 11139-11175-11200-11240 levels.

NSE BankNifty: (27445) The support for BankNifty is at 27280-27145-27100-27045 and the resistance to the up move is at 27500-27550-27640-27780 levels.

BSE Sensex: (36050) The support for the Sensex is at 35940-35870-35795-35750 and the resistance to the up move is at 36140-36225-36270-36380 levels.

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