Nifty Still In Negative Zone But Would See Strength Above 8405 Levels, HDFC Bank Results Today

Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat for the day. EquityPandit predicted that market has entered into negative zone but some positive reaction would be seen after Friday’s downfall. EquityPandit also predicted that traders can go short at every positive rally in the market and exactly same happened. Indian Stock Market moved negative but saw strong support near EquityPandit’s predicted support levels of 8319 for Nifty, 18734 for BankNifty and 26950 levels for Sensex. Market saw positive reaction from there and moved sharply positive from day lows. Finally, Market was not able to sustain higher levels. Market saw strong resistance near EquityPandit’s predicted resistance levels of 8400 for Nifty. Finally, Indian Stock Market closed flat with positive bias.

Today: Indian Stock Market would open positive. Technically, Indian Stock Market is still in negative zone. Market has recovered exactly from support levels. If market managed to hold these support levels then there is strong chances of recovery but still every positive movement would be an opportunity for traders to go short in the market until it see a reversal and closes above 8448 levels. Market would witness intraday strength if it breaches levels of 8405 levels for Nifty. Huge volatility would be seen in a rangebound region until F&O expiry. HDFC Bank would disclose its quarterly results today and it would decide further market direction for today.

FIIs were net sellers of Rs.288.80 crores whereas DIIs were net buyers of Rs.519.99 crores in cash market for last trading session. Nifty would see strong support at 8350-8319-8290-8240 whereas strong resistance would be seen at 8405-8435-8460-8500 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: Ajanta Pharma, Bharat Financial Inclusion, Bharti Airtel, Biocon, Crompton Greaves, HT Media, HCL Technologies, HDFC Bank, ICICI Prudential, Indian Overseas Bank, Inox Leisure, Kajaria Ceramics, L&T Finance, M&M Financial Services, Nilkamal, Tata Sponge, TVS Motor, Wockhardt, Zee Entertainment and Zensar Technologies.

NSE Nifty: (8397) The support for the Nifty is 8350-8319-8290-8240 and the resistance to the up move is at 8405-8435-8460-8500 levels.

NSE BankNifty: (18843) The support for BankNifty is at 18720-18610-18533-18440 and the resistance to the up move is at 19008-19110-19376-19440 levels.

BSE Sensex: (27117) The support for the Sensex is at 27060-26950-26800-26720 and the resistance to the up move is at 27195-27385-27450 levels.

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