Nifty To See Sharp Breakout and Hit Record Highs, Next Target 10300-10500

Last Trading Session: Indian Stock Market opened positive for the day. Nifty saw highs near EquityPandit’s predicted reversal levels of 10245 but was not able to breach it and hence saw sharp profit booking. Sensex saw highs right at EquityPandit’s predicted resistance levels of 32670 like a dot. Finally, Indian Stock Market closed positive. Sensex and BankNifty closed right below EquityPandit’s predicted resistance levels of 32617 and 24228 respectively.

Today: Indian Stock Market to gap positive. Technically, Indian Stock Market would enter into positive zone once Nifty breaches 10245 levels. Market would see sharp positive rally after Indian Government announces Rs.2.11 Lakh Crores recapitalization plan for PSU banks. PSU banks would move sharply positive. Nifty would see new record highs today and next targets for Nifty is now set to 10300-10500 in upcoming days. BankNifty would see sharp bounce from here backed by PSU Banks. Traders can initiate fresh long positions in the market and exit all short positions.

FIIs were net sellers of Rs.1306.76 crores whereas DIIs were net buyers of Rs.592.28 crores in cash market for last trading session. Nifty would see strong support at 10200-10120 whereas strong resistance would be seen at 10252-10306-10400-10505 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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Stocks In F&O Ban Period: BEML, DHFL, HDIL, IBREALEST, INFIBEAM, JPASSOCIAT,JSWENERGY and RELCAPITAL.

Corporate Earnings To Be Disclosed Today: Coromandel International, Engineers India, Exide Industries, Glaxosmithkline Pharma, HCL Infosystems, HCL Technologies, Hindustan Unilever, IDFC Bank, Kotak Mahindra Bank, M&M Financial Services, Mindtree, NIIT, PI Industries, PNB Housing Finance, RBL Bank, SKF India, Syngene International, Tata Communication, Tata Elxsi and V-Guard Industries.

NSE Nifty: (10208) The support for the Nifty is 10200-10120 and the resistance to the up move is at 10252-10306-10400-10505 levels.

NSE BankNifty: (24222) The support for BankNifty is at 24200-24150-24000 and the resistance to the up move is at 24390-24462-24505-24625-24735 levels.

BSE Sensex: (32607) The support for the Sensex is at 32600-32500-32380 and the resistance to the up move is at 32700-32760-32880-33060 levels.

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