Nifty Still In Negative Zone, IndusInd and Yes Bank Results To Direct BankNifty Today

Last Trading Session: Indian Stock Market opened flat with positive bias. EquityPandit predicted that market would see some short covering rally and intraday traders can go long above 9160 levels. Once Nifty breached 9160 levels, it moved sharply positive and saw strong resistance right near EquityPandit’s predicted resistance levels of 9225. Sensex also saw highs right at EquityPandit’s predicted resistance levels of 29700 like a dot. Market was not able to sustain above EquityPandit’s predicted resistance levels and fell down sharply to see intraday lows. Nifty saw lows right at EquityPandit’s predicted support levels of 9097 like a dot. Finally, Indian Stock Market closed gap negative for the day.

Today: Indian Stock Market would open negative. Technically, Nifty is still in negative zone whereas BankNifty is in positive zone. BankNifty would enter into negative zone once it closes below 21581 levels. Nifty already achieved EquityPandit’s second Target of 9097 and now next target would be 9050 levels. Once, Nifty breaches levels of 9095, we would soon see levels of 9050. Some bounce can be seen near EquityPandit’s support but market is too cautious to hold higher levels as of now. Once BankNifty closes below 21581 levels on spot basis, we would see sharp downfall in Indian Stock Market. Nifty would see reversal only if it closes above 9202 levels. Nifty has chances to bounce back form 9100 levels but until it doesn’t close above 9202 levels, every positive rally is an opportunity to go short in the market. IndusInd and Yes Bank would disclose their Q4 results today and it would set the investors expectations from Banking sector and would direct the BankNifty going ahead. Also note that BankNifty has seen SHOOTING STAR candlestick pattern with stochastic in overbought region, that suggest that there is high probability of downfall below 21634 levels.

FIIs were net sellers of Rs.930.67 crores whereas DIIs were net buyers of Rs.878.08 crores in cash market for last trading session. Nifty would see strong support at 9080-9045-9020-8997 whereas strong resistance would be seen at 9130-9150-9180-9220 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: IndusInd Bank Ltd, Network 18, TV18 Broadcast and Yes Bank Ltd.

NSE Nifty: (9105) The support for the Nifty is 9080-9045-9020-8997 and the resistance to the up move is at 9130-9150-9180-9220 levels.

NSE BankNifty: (21672) 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: (29319) The support for the Sensex is at 29200-29145-29060-29000-28945 and the resistance to the up move is at 29485-29585-29660 levels.

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