Last Trading Session: Indian Stock Market opened negative as per EquityPandit's predictions. EquityPandit predicted that the market would see further downfall and traders can continue to hold short positions for now and exactly the same happened. Indian Stock Market moved sharply negative and achieved EquityPandit's predicted targets of 11400 for Nifty. The market saw lows right at EquityPandit's predicted support levels of 11340 for Nifty and 28950 for BankNifty like a dot. Finally, Indian Stock Market closed gap negative for the day.
Today: Indian Stock Market would open negative. Technically, the Indian Stock Market is still in the negative zone. Nifty has achieved EquityPandit's targets of 11400. The market has already achieved Head and Shoulder Pattern Targets and now the support lies at 11311. Some short covering rally could be seen but BankNifty needs to close above 29400 on Friday where weekly reversal levels are placed else we would see a sharp downfall in upcoming weeks. US President Trump has already warned China that he would hike tariffs on China to 25% if an agreement was not met before Friday. Traders should remain cautious till this weekend and trade with proper hedging as further direction would be confirmed this weekend by weekly charts.
Nifty:
BankNifty:
FIIs were net sellers of Rs.701.07 crores whereas DIIs were net buyers of Rs.232.95 crores in cash market for last trading session. Nifty would see strong support at 11311-11274-11235-11165 whereas strong resistance would be seen 11390-11430-11450-11480-11500 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: Apollo Tyres (NS:APLO), Asian Paints (NS:ASPN), Granules India, GMDC, GSPL, HCL Technologies (NS:HCLT), Indian Overseas Bank (NS:IOBK), Kalpataru Power (NS:KAPT) Transmission, Mahanagar Gas Ltd, OFSS, PNB Housing Finance, Shankara Building Products, Solar Industries India, South Indian Bank (NS:SIBK), Sundram Fasteners (NS:SNFS), Vardhman Textiles (NS:VART), Varun Beverages and Voltas Ltd. (NS:VOLT)
Stocks In F&O Ban Period: JET AIRWAYS.
NSE Nifty: (11359) The support for the Nifty is 11311-11274-11235-11165 and the resistance to the up move is at 11390-11430-11450-11480-11500 levels.
NSE BankNifty: (28994) The support for BankNifty is at 28950-28820-28740-28600 and the resistance to the up move is at 29075-29130-29180-29270-29400 levels.
BSE Sensex: (37789) The support for the Sensex is at 37690-37550-37430-37340 and the resistance to the up move is at 37880-37940-38027-38075-38170 levels.