Market Still Positive, Hold Long Positions In BankNifty 

Last Trading Session: Indian Stock Market opened flat for the day. EquityPandit predicted that market is still in positive zone and RBI Policy would decide further direction. EquityPandit also predicted that even if RBI announces no rate cut then also market would see just a temporary profit booking as street is already expecting no rate cut and exactly same happened. RBI announced no rate cut and BankNifty moved sharply negative but recovered smartly for the day as per EquityPandit’s predictions. Traders, who followed EquityPandit’s advice might have earned decent profits for the day. Finally, Indian Stock Market closed flat for the day.

Today: Indian Stock Market would open positive. Technically, Indian Stock Market is still in positive zone. Now, all the events are gone that could hinder the market momentum. Indian Stock Market is still in positive momentum and we would see BankNifty moving further positive. BankNifty would see new highs in days to come if it manages to hold 20078 on closing basis. BankNifty would still be major driver for Nifty and traders are still suggested to hold long positions for now. Now, quarterly results would decide further market direction for next few days.

FIIs were net sellers of Rs.127.69 crores whereas DIIs were net sellers of Rs.166.82 crores in cash market for last trading session. Nifty would see strong support at 7840-8700-8688-8665 whereas strong resistance would be seen at 8830-8850-8900-8970 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: ABB India, Andhra Bank, Aurobindo Pharma, Bajaj Electricals, Bank Of India, Bata India, BPCL, Bombay Dyeing, Edelweiss Financial Services, Escorts, Gujarat Fluorochemicals, ICRA, JK Tyre, Lupin, NCC, Omaxe, OnMobile Global, Page Industries, Power Grid, Religare Enterprises, Shipping Corporation Of India, SAIL, TV Today Network, Torrent Pharma and Vardhman Textiles.

NSE Nifty: (8769) The support for the Nifty is 8740-8700-8688-8665 and the resistance to the up move is at 8830-8850-8900-8970 levels.

NSE BankNifty: (20245) The support for BankNifty is at 20165-20130-20000-19920 and the resistance to the up move is at 20380-20576-20610-20780 levels.

BSE Sensex: (28290) The support for the Sensex is at 28250-28183-28110-28000 and the resistance to the up move is at 28500-28660-28780-28888 levels.

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