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Market To Consolidate, SBI Result Today

By Abhishek ParakhStock MarketsMay 19, 2017 08:55
in.investing.com/analysis/market-to-consolidate,-sbi-result-today-200190075
Market To Consolidate, SBI Result Today
By Abhishek Parakh   |  May 19, 2017 08:55
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Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened gap negative for the day. EquityPandit predicted that Indian Stock Market would see sharp correction, so traders can book profits and hold cash in hand and exactly same happened. Indian Stock Market fell down sharply after negative opening and BankNifty saw lows right near EquityPandit’s predicted support levels of 22670. Traders, who followed EquityPandit’s advice might have booked huge profits and might have been saved from this downfall. Finally, Indian Stock Market closed gap negative for the day.

Today: Indian Stock Market would open positive. Technically, Nifty has now entered into negative zone whereas BankNifty is still in positive zone. BankNifty would enter into negative zone once it closes below 22685 levels on spot basis. Market would see some short covering rally (positive movement) after this sharp downfall but overall market has entered into consolidation mode and would see sideways movement for now. Market would see strong resistance near 9480-9500 levels whereas immediate support would be seen near 9400-9370 levels. Market would consolidate in this range for now. Traders should continue to hold cash in hand until Nifty closes above 9516 levels on closing basis. Once Nifty manages to close above 9516 levels, traders can initiate fresh long positions again. SBI (NS:SBI), Union Bank and Tata Power to disclose its results today and it would affect Indian Stock Market For Today.

FIIs were net sellers of Rs.360.59 crores whereas DIIs were net buyers of Rs.897.96 crores in cash market for last trading session. Nifty would see strong support at 9400-9370 whereas strong resistance would be seen at 9450-9480-9500-9516 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

Important Corporate Results Today: Aarti Industries (NS:ARTI), Abbott India, Dhanuka Agritech, Glaxosmithkline (LON:GSK) Pharma, Grasim Industries (NS:GRAS), HT Media (NS:HTML), IFCI (NS:IFCI), Just Dial (NS:JUST), KEC International (NS:KECL), Kalpataru Power (NS:KAPT), Mahindra Holidays (NS:MAHH), Motherson Sumi, Sintex, SBI, Suzlon Energy, Tata Power, Titagarh Wagons, Union Bank Of India, V-Guard Industries and VRL Logistics.

NSE Nifty: (9429) The support for the Nifty is 9400-9370 and the resistance to the up move is at 9450-9480-9500-9516 levels.

NSE BankNifty: (22699) The support for BankNifty is at 22685-22629-22514-22470 and the resistance to the up move is at 22780-22834-22890-22980 levels.

BSE Sensex: (30435) The support for the Sensex is at 30400-30360-30277-30210 and the resistance to the up move is at 30580-30685-30740-30825 levels.

Market To Consolidate, SBI Result Today
 

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Market To Consolidate, SBI Result Today

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