Market Still In Consolidation, Wait For Confirmation, ICICI Results Today

Last Trading Session: Indian Stock Market opened flat for the day. EquityPandit predicted that sharp profit booking would be seen and exactly same happened. EquityPandit also predicted that Nifty would enter into negative zone once it breaches 10659 levels and would see support near 10600 and exactly same happened. Indian Stock Market saw highs right near EquityPandit’s predicted resistance levels of 10705 and from there it saw sharp profit booking as predicted by EquityPandit. Nifty touched the lows right at EquityPandit’s predicted support levels of 10600 like a dot. Sensex also saw low right at EquityPandit’s predicted support levels of 34850 like a dot. Finally, Indian Stock Market closed negative for the day.

Today: Indian Stock Market would open flat. Technically, Nifty has entered into negative zone but BankNifty is still in positive zone. BankNifty would enter into negative zone only if it closes below 25320 levels but until then market would continue to see sideways movement. Traders can wait for BankNifty to enter into negative zone by closing below 25320 before taking short positions. Nifty has already entered into negative zone and now 10700 levels for Nifty would act as strong resistance for the market. Every positive movement in Nifty would be an opportunity for shorting in the market. Nifty needs to breach its support of 10600 to see further downfall. Overall, traders can short near resistances as breaching 10600 would give further space for downfall in Nifty. Banking sector is little outperforming and hence take short positions home only if BankNifty also enters into negative zone by closing below 25320. Until then keep trading intraday with strict stopoloss on the basis of EquityPandit’s predicted support and resistances. ICICI Bank would disclose its annual results today and would affect Indian Stock Market direction for the day.

FIIs were net sellers of Rs.1628.23 crores whereas DIIs were net buyers of Rs.1084.09 crores in cash market for last trading session. Nifty would see strong support at 10598-10558-10520 whereas strong resistance would be seen 10652-10680-10705-10718 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

Click Here to Check the Trend Of Major Indices and Stocks

Stocks In F&O Ban Period: BALRAMCHIN, IRB, JETAIRWAYS, JUSTDIAL and PCJEWELLERS.

Important Companies To Disclose Its Q4 Results Today: Exide Industries, ICICI Bank, Inox Leisure, Pfizer, Tata Chemicals, Tata Coffee, Tata Investment Corporation, Trident and Vijaya Bank.

NSE Nifty: (10618) The support for the Nifty is 10598-10558-10520 and the resistance to the up move is at 10652-10680-10705-10718 levels.

NSE BankNifty: (25645) The support for BankNifty is at 25500-25450-25400-25318-25245 and the resistance to the up move is at 25735-25862 levels.

BSE Sensex: (34915) The support for the Sensex is at 34840-34750-34685-34500 and the resistance to the up move is at 35000-35067-3518-0-35270 levels.

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