Market To Open Gap Positive And Ready To See New Record Highs

Last Trading Session: Indian Stock Market opened positive for the day. Market consolidated for the whole day and managed to close above psychological levels of 9800 for Nifty. Finally, Indian Stock Market closed positive for the day.

Today: Indian Stock Market to open gap positive. Technically, Indian Stock Market is still in positive zone. Nifty has formed an Inverse Head and Shoulder pattern in yesterday’s trading session on intraday basis and that suggest that it would see new record highs today. Traders can continue long positions in the market until Nifty holds 9737 levels on closing basis. Next logical target of Nifty is at 9845-9880. TCS would disclose its quarterly earnings today and it would affect the Indian Stock Market direction for the day.

FIIs were net buyers of Rs.361.25 crores whereas DIIs were net sellers of Rs.330.58 crores in cash market for last trading session. Nifty would see strong support at 9778-9737-9700 whereas strong resistance would be seen at 9855-9880-9800-9818 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: Adani Enterprises, Cyient, MCX and TCS.

NSE Nifty: (9816) The support for the Nifty is 9778-9737-9700 and the resistance to the up move is at 9855-9880-9800-9818 levels.

NSE BankNifty: (23695) The support for BankNifty is at 23500-23440-23310 and the resistance to the up move is at 23761-23900-23965-24060 levels.

BSE Sensex: (31805) The support for the Sensex is at 31718-31660-31500 and the resistance to the up move is at 31885-31950-32060-32180 levels.

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