F&O Expiry Today, Some Profit Booking To Be Seen Today

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 continue to make new record highs and traders can hold long positions for now. EquityPandit also predicted that Market would move higher to achieve EquityPandit’s targets of 9350 for Nifty and 22240 for BankNifty and exactly same happened. BankNifty saw lows exactly at EquityPandit’s predicted support levels of 21800 and moved sharply positive to see highs right at EquityPandit’s predicted resistance levels of 22274 like a dot. Traders, who followed EquityPandit’s advice might have earned huge profits for the day. Finally, Indian Stock Market closed gap positive for the day. Nifty closed right at EquityPandit’s predicted resistance levels of 9350 like a dot.

Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still in positive trend. Today is F&O Expiry and few Indian corporate giants like Biocon, Kotak Mahindra Bank and Maruti Suzuki would disclose its Q4 results and hence we would see huge volatility in the market today. Logically, next target for Nifty is 9415 and BankNifty is 22340 but since Nifty has formed SPINNING TOP candle stick pattern and BankNifty has formed HANGING MAN candlestick pattern with Stochastics in overbought region. Both these candlestick patterns suggest profit booking and hence we can see some profit booking today in the market. Market needs to breach its highs of 9367 for Nifty and 22277 for BankNifty to see further positive rally and until then we can expect profit booking in the market at this point of time. Closing below 9300 would force Nifty to see further downwards rally.

FIIs were net sellers of Rs.492.52 crores whereas DIIs were net buyers of Rs.1011.38 crores in cash market for last trading session. Nifty would see strong support at 9300-9270-9250-9218 whereas strong resistance would be seen at 9380-9415 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 Corporate Results Today: Biocon, Indiabulls Real Estate, Kotak Mahindra Bank, Maruti Suzuki, Reliance Capital, Shriram Transport Finance, Tata Elxsi, TVS Motor and Ujjivan Financial Services.

NSE Nifty: (9352) The support for the Nifty is 9300-9270-9250-9218 and the resistance to the up move is at 9380-9415 levels.

NSE BankNifty: (22243) The support for BankNifty is at 22138-22000-21940-21900 and the resistance to the up move is at 22274-22380-22474 levels.

BSE Sensex: (30133) The support for the Sensex is at 29985-29930-29834-29800 and the resistance to the up move is at 300180-30270-30342-30440 levels.

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