Some Short Covering Would Be Seen As Immediate Support Exists At 12000 For Nifty

Last Trading Session: Indian Stock Market opened flat for the day. EquityPandit predicted that BankNifty is still bearish and traders should hold short positions until BankNifty closes above 31270 and exactly same happened. Indian Stock Market moved positive but was not able to higher levels and fell down sharply as predicted. Traders who followed Equitypandit’s advice might have earned huge profits for the day. Finally, Indian Stock Market closed gap negative for the day.

Today: Indian Stock Market would open positive. Technically, BankNifty was already in negative zone and now Nifty has also entered into negative zone. Though Indian Stock Market is still bearish but it is near its major support of 12000 for Nifty and we may see some short covering from here. Now we are heading towards F&O Expiry followed by Union Budget and hence traders should start booking partial profits in short positions. Traders can hold remaining positions with some hedging as market is still bearish.

Nifty:

BankNifty:

Check the Trend Of Major Indices and Stocks

FIIs were net sellers of Rs.1357.56 crores whereas DIIs were net buyers of Rs.711.70 crores in cash market for last trading session. Nifty would see strong support at 12035-12000-11940-11905 whereas strong resistance would be seen at 12105-12150-12188-12240 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

Quarterly Results To Be Disclose Today: Bajaj Finance, Bajaj Finserv, Birla Corporation, Cholamandalam Financial Holding, Cromptom Greaves, Dixon Technologies, Escorts, Godrej Consumer Products, IDFC First Bank, Jubilant Foodworks, KPIT Technologies, Meghmani Organics, Nava Bharat Ventures, NIIT Technologies, Nilkamal, Orient Cement, Pidilite Industries, Quess Corp, Security & Intelligence Services, Sundram Fasteners, Tata Power Company, Ramco Cements, Trident and Vaibhav Global.

NSE Nifty: (12056) The support for the Nifty is 12035-12000-11940-11905 and the resistance to the up move is at 12105-12150-12188-12240 levels.

NSE BankNifty: (30761) The support for BankNifty is 30700-30635-30550-30445 and the resistance to the up move is 30885-30950-31067-31180 levels.

BSE Sensex: (40967) The support for the Sensex is 40880-40780-40715-40660-40600 and the resistance to the up move is at 41035-41110-41240-41270-41380 levels.

Note:  If you wish to subscribe for premium packages or have any queries, kindly contact us or mail us at admin@equitypandit.com or call our Executive at 08000816688.

Premium Subscription Pricing details can be seen at Stock Market Premium Services