Short Covering Expected, Hold Long Until Nifty Above 10476, TCS Results Today

Last Trading Session: Indian Stock Market opened positive exactly as predicted by EquityPandit. EquityPandit predicted that market is still in positive momentum and traders should hold long positions with next logical target of 10562-10600 for Nifty and exactly same happened. Indian Stock Market moved sharply positive touching near EquityPandit’s Target2 of 10600, making highs of 10594 for Nifty. Nifty saw strong resistance near EquityPandit’s predicted resistance levels of 10600. Market saw sharp correction from there and touched lows right near EquityPandit’s predicted support levels of 10500 like a dot. Finally, Indian Stock Market closed negative for the day as BankNifty saw huge pressure for the day.

Today: Indian Stock Market would open positive. Technically, Indian Stock Market is still in positive zone. Though some profit booking was seen at higher levels, in last trading session but market is still in the control of bulls. Traders should continue to hold long positions until market holds above 10476 for Nifty and 24995 for BankNifty. Some short covering rally (Positive Rally) would be seen in the market. Initiate short positions only if Nifty closes below 10476 but until then market would be considered bullish and traders can continue with their long positions. TCS and IndusInd Bank would disclose its Q4 Results today and would affect Indian Stock Market for the day.

FIIs were net sellers of Rs.915.71 crores whereas DIIs were net buyers of Rs.869.70 crores in cash market for last trading session. Nifty would see strong support at 10500-10476-10439-10400 whereas strong resistance would be seen 10562-10600-10632-10700 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: IRB, JETAIRWAYS, JPASSOCIAT, RCOM and TV18BRTCST.

Important Companies To Disclose Its Q4 Results Today: Cyient, IndusInd Bank, Mahindra CIE Automotive, Reliance Power and TCS.

NSE Nifty: (10526) The support for the Nifty is 10500-10476-10439-10400 and the resistance to the up move is at 10562-10600-10632-10700 levels.

NSE BankNifty: (25102) The support for BankNifty is at 25070-24960-24820-24700 and the resistance to the up move is at 25275-25400-25500-25660 levels.

BSE Sensex: (34332) The support for the Sensex is at 34228-34170-34110-34070-33920 and the resistance to the up move is at 34500-34610-34666-34740 levels.

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