Market To Remain Choppy For Next Two Trading Sessions Before Budget

Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened gap positive for the day. EquityPandit predicted that market is bullish and traders should continue to go long at every dip in the market. EquityPandit predicted that BankNifty would be major driver of Nifty and exactly same happened. Indian Stock Market moved sharply positive and saw highs right at EquityPandit’s predicted resistance levels of 19800 levels for BankNifty. Traders who followed EquityPandit’s advice might have earned huge profits for the day. Finally, Indian Stock Market closed positive for the day.

Today: Indian Stock Market would open gap negative. Technically, Indian Stock Market is still in positive zone and traders can continue to hold long positions as of now. Market is still bullish but since, Union Budget is approaching, we would see some choppiness in next two days as bulls would wait for Union Budget outcome for further rally. Market would see some profit booking as of now before Budget. Nifty daily reversal is at 8564 levels and closing below these level for today would force market to enter into negative trend. If that happens then traders can initiate fresh short positions for next couple of days. Overall, once Nifty closes above 8511 levels on this month closing i.e. January 31, 2017, then it would enter into Monthly positive trend and this trend would atleast give 4-5 months of positive rally. In that case, we are sure to breach the levels of 9000 and generate new highs for Nifty in next couple of months, whatever may be outcome of Union Budget. If Budget doesn’t please investors or traders, then we may see some temporary downtrend jerk but eventually would move into positive trend again. Overall, Indian Stock Market is strong and traders should continue to hold long positions in the market and buy at dips. HDFC, Grasim Industries and Tech Mahindra Results would be disclosed today and may affect the market direction for today.

FIIs were net buyers of Rs.211.77 crores whereas DIIs were net buyers of Rs.482.52 crores in cash market for last trading session. Nifty would see strong support at 8600-8550-8530-8496-8470 whereas strong resistance would be seen at 8665-8707-8740 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: Bajaj Finance Ltd, Bajaj Finserv Ltd, Dish Tv, Emami, GE T&D, Godrej Consumer Products, Grasim Industries, HDFC, Info Edge, Mahindra Lifespace Developers, Monsanto India, Motilal Oswal Financial Services, Pfizer, Shree Cement, Shriram City Union Finance, Tech Mahindra, V-Guard Industries and Zydus Wellness.

NSE Nifty: (8641) The support for the Nifty is 8600-8550-8530-8496-8470 and the resistance to the up move is at 8665-8707-8740 levels.

NSE BankNifty: (19708) The support for BankNifty is at 19550-19480-19330-19270 and the resistance to the up move is at 19800-19920-20000-20270 levels.

BSE Sensex: (27882) The support for the Sensex is at 27750-27635-27540 and the resistance to the up move is at 27970-28018-28071-28218 levels.

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