Market To See Some Short Covering Rally, TCS Results Today

Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened negative for the day. EquityPandit predicted that Indian Stock Market is still in correction mode and traders can hold short positions for Nifty. EquityPandit also predicted that Nifty would see levels of 9120 in upcoming days and exactly same happened. Nifty moved sharply negative and saw lows right at EquityPandit’s target of 9120 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 flat. Technically, analysis would still remain same. Nifty is still in negative zone whereas BankNifty is in positive zone. Market would see some short covering rally as Nifty is near its crucial support levels and Geopolitical issues also eased for now. Technically, Nifty has formed a Doji Candlestick pattern, so traders can see strength above 9160 levels whereas further correction can be seen below 9120 levels for Nifty. Nifty would see reversal and would enter into positive zone if it managed to close above 9202 levels. 9100 would act as strong support for Nifty, breaching which, Nifty would fell down sharply towards 9000 levels. Traders can wait for breach of 9160 in positive direction or 9120 in negative direction and take the positions accordingly. TCS would disclose its results today and would affect Indian Stock Market for the day.

FIIs were net sellers of Rs.250.54 crores whereas DIIs were net sellers of Rs.52.38 crores in cash market for last trading session. Nifty would see strong support at 9120-9097-9060-9020 whereas strong resistance would be seen at 9165-9180-9202-9225 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: TCS and VST Industries.

NSE Nifty: (9139) The support for the Nifty is 9120-9097-9060-9020 and the resistance to the up move is at 9165-9180-9202-9225 levels.

NSE BankNifty: (21647) The support for BankNifty is at 21616-21540-21400-21331-21250 and the resistance to the up move is at 21740-21790-21840-21950 levels.

BSE Sensex: (29414) The support for the Sensex is at 29350-29240-29110-29000 and the resistance to the up move is at 29500-29585-29700-29880 levels.

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