Axis Bank, Yes Bank And Mindtree Results Would Drive The Market Today

Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat with positive bias. EquityPandit predicted that Indian Stock Market is in positive zone but would see consolidation until Nifty breaches 8460 levels and exactly same happened. Indian Stock Market moved sharply positive and saw highs right at EquityPandit’s predicted resistance levels of 8460 for Nifty like a dot. Finally, Indian Stock Market saw a sharp profit booking at those levels as predicted by EquityPandit and fell down sharply to close flat for the day.

Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still in positive zone. Market would continue to consolidate as of now. BankNifty would remain stronger than other major indexes. Some profit booking can be seen but sharp downfall is not expected till Union Budget due to higher expectations. Today is a big day for Banking Sector as few of the banking giants like Axis Bank and Yes Bank would disclose its results. Other banks like Federal Bank and Lakshmi Vilas Bank would also disclose their results today. Market would be very volatile today and some big swings would be seen in the market today. Banking sector results would drive the market today. Traders can still hold long positions until Market holds 8366 spot levels for Nifty and 18952 spot levels for BankNifty on closing basis. Once Nifty and BankNifty closes below 8366 levels and 18952 levels respectively, then traders can initiate fresh short positions until then every dip is an opportunity for traders to go long in the market.

FIIs were net buyers of Rs.319.14 crores whereas DIIs were net buyers of Rs.245.03 crores in cash market for last trading session. Nifty would see strong support at 8380-8351-8325-8300-8240 whereas strong resistance would be seen at 8430-8460-8500 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

Important Results To Be Disclosed Today: Axis Bank Ltd, DB Corp, Federal Bank Ltd., Lakshmi Vilas Bank Ltd, Mindtree Ltd, Ujjivan Financial Services Ltd and Yes Bank Ltd.

NSE Nifty: (8417) The support for the Nifty is 8380-8351-8325-8300-8240 and the resistance to the up move is at 8430-8460-8500 levels.

NSE BankNifty: (19165) The support for BankNifty is at 19060-19000-18940-18825-18734 and the resistance to the up move is at 19280-19330-19435-19490 levels.

BSE Sensex: (27258) The support for the Sensex is at 27160-27060-26950-26870 and the resistance to the up move is at 27385-27450-27600 levels.

Note:  If you wish to subscribe for premium packages or have any queries, kindly contact us or mail us at admin@equitypandit.com or call our Executive at 08000816688.

Premium Subscription Pricing details can be seen at Stock Market Premium Services