Indian Stock Market Would Follow Global Market For Next Couple Of Days

  • Stock Market Analysis

Last Trading Session: Exactly as predicted, Indian Stock Market opened flat. EquityPandit predicted that Bank Nifty is in positive trend and traders should go long or hold their long positions in BankNifty and exactly same happened. Nifty moved sharply positive and saw highs right at EquityPandit’s predicted resistance levels of 8561 like a dot.

After rate kept unchanged by RBI, Nifty and BankNifty fell down sharply. Nifty saw lows right at EquityPandit’s predicted support levels of 8450 like a dot and then recovered from those levels to close above EquityPandit’s suggest levels of 8500 by closing. Sensex also closed just above EquityPandit’s predicted support levels of 28060.

Finally, Indian Stock Market closed negative but BankNifty closed positive for the day.

Today: Indian Stock Market would open flat with positive bias. After a lacklusture RBI Policy, there is no important news that can affect market trend for upcoming days and hence Indian Stock Market would follow global markets for next couple of days. For now trend is positive and traders should hold BankNifty long position for now.

For timebeing positive trend of BankNifty is capped at 19400 where we can see strong profit booking coming in. Positive trend is loosing strength at higher levels and frequent profit booking is seen at those levels. Nifty and BankNifty would still be considered positive until Nifty closes below 8450 levels. FIIs were net buyers of Rs.118.7 crores whereas DIIs were net sellers of Rs.112.55 crores in last trading session.

Nifty would see strong support at 8500-8450-8410 whereas strong resistance would be seen at 8565-8616-8650-8700 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 Declared Today: Bata India Limited (NSE: BATA ), Canara Bank (NSE: CNBK ),Emami Ltd (NSE: EMAM ), Indraprashtha Gas Ltd. (NSE: IGAS ), Maharashtra Seamless Ltd. (NSE: MHSM ),Marico Limited (NSE: MRCO ), Mercator Limited (NSE: MRCT ), New Delhi Television Limited (NSE: NDTV ), Parsvnath Developers Ltd. (NSE: PARV ), PTC India Ltd (NSE: PTCI ), Ramco Systems Ltd (NSE: RMCS ), Shree Cements Ltd. (NSE: SHCM ),Siemens AG NA (NSE: SIEM ), Snowman Log (NSE: SNOW ), Sonata Software Ltd. (NSE: SOFT ), Tata Chemicals Ltd (NSE: TTCH ), Uflex Limited (NSE: UFLX ) and Vardhman Textiles Limited (NSE: VART ).

NSE Nifty: (8517) The support for the Nifty is 8500-8450-8410 and the resistance to the up move is at 8565-8616-8650-8700 levels.

NSE BankNifty: (18972) The support for BankNifty is at 18780-18620-18475-18360-18260 and the resistance to the up move is at 19018-19200-19400 levels.

BSE Sensex : (28071) The support for the Sensex is at 28060-27980-27814-27700 and the resistance to the up move is at 28235-28480-28578-28641 levels.

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