Market Still In Consolidation, Tata Motors Results Today

Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened positive for the day. EquityPandit predicted that market would continue to consolidate until Nifty is in the range of 9400-9516 levels and exactly same happened. Nifty moved higher but saw highs right at EquityPandit’s predicted resistance levels of 9500 like a dot and fell down sharply.BankNifty also saw lows right near EquityPandit’s predicted support levels of 22629. Finally, Indian Stock Market closed flat for the day with heavy pressure on BankNifty. Sensex also closed right below EquityPandit’s predicted resistance levels of 30580.

Today: Indian Stock Market would open positive. Technically, Indian Stock Market, including Nifty, Sensex and BankNifty are in negative zone. BankNifty entered into negative zone in last trading session. Market would still consolidate. Some downside can be seen in the market backed with the weakening Banking sector but this downfall is not very convincing. Overall, market would see sideways movement in a rangebound region. Traders should not initiate fresh short sell until Nifty holds 9370 levels on closing basis. Since Market is consolidating, intraday traders can go short near resistance of 9500 levels with closing stoploss above 9516 levels and go long near support of 9400 levels with closing stoploss below 9370 levels.

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FIIs were net sellers of Rs.321.27 crores whereas DIIs were net buyers of Rs.1262.64 crores in cash market for last trading session. Nifty would see strong support at 9400-9370-9336 whereas strong resistance would be seen at 9480-9500-9516 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: Central Bank Of India, Century Plyboards, Entertainment Network, Future Retail, JB Chemicals, Jindal Steel & Power, Jubiliant Life Sciences, NCC, Novartis India, Radico Khaitan, Tata Motors Ltd, Tata Motors DVR, Torrent Power and Voltas.

NSE Nifty: (9438) The support for the Nifty is 9400-9370-9336 and the resistance to the up move is at 9480-9500-9516 levels.

NSE BankNifty: (22653) The support for BankNifty is at 22629-22550-22514-22470 and the resistance to the up move is at 22764-22834-22890-22980 levels.

BSE Sensex: (30571) The support for the Sensex is at 30500-30400-30360-30277 and the resistance to the up move is at 30685-30740-30825-30950 levels.

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