Market To Remain Choppy Today, Ahead Of Union Budget

Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened negative for the day. EquityPandit predicted that market would remain choppy for next two trading sessions before Union Budget and exactly same happened. Market moved positive after a negative opening but saw highs right at EquityPandit’s predicted resistance levels of 8665 for Nifty. Market fell down from there due to profit booking. BankNifty saw lows right near EquityPandit’s predicted support levels of 19550. Finally, Indian Stock Market closed negative for the day.

Today: Indian Stock Market would open negative. Technically, Analysis would remain same. Indian Stock Market is still in positive zone but would see some further choppiness for today ahead of Union Budget. Market would see sideways movement in a rangebound region. Market would enter into negative zone once it closes below 8565 levels for Nifty and 19406 levels for BankNifty. Once market closes below these levels, traders can initiate short positions but until then every downfall is an opportunity for traders to go long. Nifty if closes below 8511 levels today, then it would enter into monthly positive trend that means we would see a bullish market for next few months and in that case we would soon see new highs in months to come. Overall, traders can go long at dips for now until Nifty holds 8565 spot levels on closing basis. Few Indian Corporate Giants would disclose their quarterly results today and that would affect market direction for the day.

FIIs were net buyers of Rs.607.36 crores whereas DIIs were net buyers of Rs.40.04 crores in cash market for last trading session. Nifty would see strong support at 8600-8550-8530-8496-8470 whereas strong resistance would be seen at 8665-8707-8740 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: Bajaj Auto, Bajaj Holdings, Bank Of Maharashtra, Cadila Healthcare, Capital First, Century Plyboards, Century Textiles, Dabur India, Firstsource Solutions, GHCL, HCL Infosystems, ICICI Bank Ltd, IDFC Ltd, Indian Oil Corporation, Interglobe Aviation, Jai Corp, JSW Steel, KEC International, Kansai Nerolac Paints, Kaveri Seed Company, Mahindra Holidays, Mphasis, Navneet Education, ONGC, Oil India Ltd, Shoppers Stop, Shriram Transport Finance Company, Syndicate Bank, TTK Prestige, UCO Bank, WABCO India, Welspun India and Wonderla Holidays.

NSE Nifty: (8633) The support for the Nifty is 8600-8550-8530-8496-8470 and the resistance to the up move is at 8665-8707-8740 levels.

NSE BankNifty: (19585) The support for BankNifty is at 19550-19480-19330-19270 and the resistance to the up move is at 19800-19920-20000-20270 levels.

BSE Sensex: (27850) The support for the Sensex is at 27750-27635-27540 and the resistance to the up move is at 27970-28018-28071-28218 levels.

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