Initiate Long Only If Market Closes Above 11009 For Nifty, RBI Policy Today

Last Trading Session: Indian Stock Market opened negative for the day. Market recovered from day lows and moved sharply positive. Nifty saw lows right near EquityPandit’s predicted support levels of 10800 and moved positive to see highs near EquityPandit’s predicted resistance levels of 11025. Finally, Indian Stock Market managed to close positive for the day.

Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still in negative zone. Market would enter into positive zone once it closes above 11009 for Nifty and 28190 levels for BankNifty. Nifty and BankNifty have formed a Bullish Engulfing Candlestick Pattern. The wideness of the Bollinger bands suggests that market has already seen a sharp movement and now would soon enter into consolidation. RBI monetary policy would be disclosed today. Traders can initiate fresh long positions once market closes above 11009 for Nifty and 28190 for BankNifty.

Nifty:

BankNifty:

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FIIs were net sellers of Rs.2107.93 crores whereas DIIs were net buyers of Rs.2289.05 crores in cash market for last trading session. Nifty would see strong support at 10900-10840-10800-10749 whereas strong resistance would be seen 11009-11025-11078-11110 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

Important Results To Be Disclosed Today: Adani Gas Ltd, Adani Green Energy Ltd, Adani Ports, Adani Power, Allcargo Logistics, Aster DM Healthcare, Astrazeneca Pharma, Aurobindo Pharma, Bajaj Electricals, Cipla, Cummins India, HCL Technologies, HPCL, India Cements, ITI Ltd, KEC International, Lemon Tree Hotels, Lupin, Maharashtra Seamless, Mahindra & Mahindra, Oracle Financial Services Software, Petronet LNG, Phoenix Mills, PTC India, Rajesh Exports, Schneider Electric Infrastructure Ltd, Siemens Ltd, Sonata Software, SREI Infrastructure Finance, Sudarshan Chemical Industries, Sundram Fasteners, Tata Steel, The Ramco Cements, Voltas and Welspun Corp.

Stocks In F&O Ban Period: NIL.

NSE Nifty: (10948) The support for the Nifty is 10900-10840-10800-10749 and the resistance to the up move is at 11009-11025-11078-11110 levels.

NSE BankNifty: (28022) The support for BankNifty is 27960-27840-27760-27690 and the resistance to the up move is at 28075-28180-28275-28360 levels.

BSE Sensex: (36977) The support for the Sensex is at 36850-36814-36770-36640 and the resistance to the up move is at 37110-37270-37368-37500 levels.

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