India China Tension And SC Hearing On Moratorium Will Keep Market Under Pressure

Last Trading Session: Indian Stock Market opened gap positive as predicted by EquityPandit. Equitypandit predicted that the market would see a sharp short covering rally but traders should go long only if the market closes above 9989 levels for Nifty and 21001 levels for BankNifty and exactly the same happened. Indian Stock Market moved sharply positive but was not able to hold higher levels. Market fell down from day highs after the India-China border tension news broke out. Market saw day lows and finally recovered to close positive for the day.

Today: Indian Stock Market would open negative. Technically, Indian Stock Market is still in a negative zone. Market would enter into a positive zone once it closes above 9989 for Nifty and 20973 for BankNifty. India-China border tensions would keep the market under pressure. Another important event that would affect Indian Stock Market today would be the Supreme Court hearing on the Moratorium Period Interest that would be held today. Traders should initiate long positions if the market closes above 9989 for Nifty and 20973 for BankNifty and until then short positions can be held while hedging your short positions properly to reduce the risk.

Nifty:




BankNifty:






FIIs were net sellers of Rs.1478.52 crores whereas DIIs were net buyers of Rs.1161.51 crores in the cash market for the last trading session. Nifty would see strong support at 9775-9600-9508 whereas strong resistance would be seen at 9980-10040-10123-10173 levels. EquityPandit's support and resistance levels always meet accuracy and hence traders are suggested to follow them for good profits.

Important Results To Be Disclosed Today: Cummins India (NS:CUMM), FDC (NS:FDC), Fortis Healthcare (NS:FOHE), Gulf Oil Lubricants India, HEG (NS:HEGL), Indostar Capital Finance Ltd, Indraprastha Gas, ITD Cementation India, JK Cements, Muthoot Finance (NS:MUTT) Ltd, Natco Pharma, Navneet Education (NS:NAVN), Pidilite Industries (NS:PIDI), REC and Welspun Corp (NS:WGSR).

NSE Nifty: (9914) The support for the Nifty 9775-9600-9508 and the resistance to the up move is at 9980-10040-10123-10173.

NSE BankNifty: (20297) The support for BankNifty is 19940-19740-19580-19211 and the resistance to the up move is 20370-20500-20773-21000 levels.

BSE Sensex: (33605) The support for the Sensex 33325-33110-32880-32618 and the resistance to the up move is at 33888-34067-34240-34408 levels.