Market To See Correction, Book Profits And Hold Cash In Hand

Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat for the day. EquityPandit predicted that market is in positive momentum and traders should hold long positions as of now. EquityPandit also predicted that Nifty would see immediate resistance at 9535 levels and exactly same happened. Nifty moved sharply positive and saw highs right at EquityPandit’s predicted resistance levels of 9535 like a dot. BankNifty also saw highs right at EquityPandit’s predicted resistance levels of 22980 like a dot. Traders, who followed EquityPandit’s advice might have earned huge profits for the day. Finally, Indian Stock Market closed negative for the day.

Today: Indian Stock Market would open gap negative. Technically, Indian Stock Market is still in positive zone but Nifty and BankNifty has formed HANGING MAN candlestick pattern with Stochastic in overbought region and it suggests that market would see sharp correction as of now. Once Nifty closes below 9486 levels and BankNifty closes below 22830 levels then market would see further correction in days to come. Traders should book their profits and wait for market to close above 9535 levels for Nifty and 22980 levels for BankNifty to go long again but until then market would remain in profit booking mode. Nifty would enter into negative zone once it closes below 9447 levels where fresh short positions can be initiated. For now, traders can book profits in their long positions and hold cash in hand until Nifty closes above 9535 levels.

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FIIs were net sellers of Rs.731.39 crores whereas DIIs were net buyers of Rs.614.51 crores in cash market for last trading session. Nifty would see strong support at 9486-9470-9440-9400 whereas strong resistance would be seen at 9535-9550-9580-9600 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: Aditya Birla Nuvo, Bajaj Auto, Bajaj Holdings, Bank Of Baroda, CESC, Coffee Day, Cummins India, DB Corp, EID Parry, Hindustan Media Ventures, HSIL, IDBI Bank, Muthoot Finance, Pidilite Industries, Stride Shasun, Take Solutions, Tata Coffee and Triveni Turbine.

NSE Nifty: (9526) The support for the Nifty is 9486-9470-9440-9400 and the resistance to the up move is at 9535-9550-9580-9600 levels.

NSE BankNifty: (22936) The support for BankNifty is at 22880-22830-22730-22670-22629 and the resistance to the up move is at 22980-23060-23120-23240 levels.

BSE Sensex: (30659) The support for the Sensex is at 30520-30480-30400-30360 and the resistance to the up move is at 30685-30740-30825 levels.

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