Nifty To See Support At 10100-10000 Zone, Short Covering Expected For Here

Last Trading Session: Indian Stock Market opened gap negative exactly as predicted by EquityPandit. EquityPandit predicted that Nifty is still in negative zone whereas BankNifty is in positive zone and market would see sharp downfall if BankNifty manages to breach 24947 levels. Nifty saw sharp downfall near EquityPandit’s predicted support levels of 10100. Finally, market recovered and BankNifty managed to close above EquityPandit’s predicted reversal levels of 24947 for BankNifty on closing basis. Finally, Indian Stock Market closed negative for the day.

Today: Indian Stock Market would open flat. Technically, analysis would still remain same. Nifty is still in negative zone whereas BankNifty is still in positive zone. 24947 would still act as make or break level for BankNifty. Now market is near its major support zone of 10100-10000 for Nifty and a bounce back would surely be seen near these levels. Nifty has formed DOJI Candlestick pattern that is a reversal pattern but shows indecisiveness between bulls and bears. According to this pattern, If Nifty breaches 10223 levels with volumes then we would se a sharp bounce whereas if Nifty breaches levels of 10100 then we would see further downfall in the market. Overall, we may see some bounce from 10100-10000 zone for Nifty. Corporate Giants like Bajaj Auto, Kotak Bank, Jubilant Food and Wipro would disclose its quarterly results today and would affect the market trend for the day.

FIIs were net sellers of Rs.340.35 crores whereas DIIs were net buyers of Rs.116.41 crores in cash market for last trading session. Nifty would see strong support at 10140-10065-10000 whereas strong resistance would be seen 10225-10305-10380-10451 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 Quarterly Results To Be Declared Today: Bajaj Auto, Bajaj Holdings, Bharat Financial Inclusion, Bharti Infratel, Hexaware Technologies, IDFC Bank, Indiabulls Real Estate, Interglobe Aviation Ltd, Jubilant Foodworks, Jyothy Laboratories, Kotak Mahindra Bank, L&T Finance Holdings, KPIT Technologies, Lakshmi Vilas Bank, L&T Infotech, M&M Financial Services, Radico Khaitan, SKF India, Sundaram Clayton, Syngene International and TTK Prestige and Wipro Ltd.

Stocks In F&O Ban Period: ADANIENT and ADANIPOWER.

NSE Nifty: (10147) The support for the Nifty is 10140-10065-10000 and the resistance to the up move is at 10225-10305-10380-10451 levels.

NSE BankNifty: (25079) The support for BankNifty is 24865-24780-24618-24536-24465 and the resistance to the up move is at 25125-25202-25265-25340 levels.

BSE Sensex: (33847) The support for the Sensex is at 33745-33665-33575 and the resistance to the up move is at 34000-34078-34110-34240 levels.

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