Market To See Further Positive Rally, Continue Long Until Nifty Holds Above 10223

  • Stock Market Analysis

Last Trading Session: Indian Stock Market opened positive as predicted by EquityPandit. EquityPandit predicted that Indian Stock Market would still remain in positive momentum and traders should hold long positions in the market. EquityPandit also predicted that BankNifty has seen DOUBLE BOTTOM pattern and would see sharp positive movement and exactly same happened. Indian Stock Market moved sharply positive. Nifty saw strong resistance near EquityPandit’s predicted resistance levels of 10450. Nifty fell down sharply from there and saw lows right at EquityPandit’s predicted support levels of 10340 like a dot. BankNifty saw sharp recovery as predicted by EquityPandit. Finally, Indian Stock Market closed flat whereas BankNifty closed gap positive for the day.

Today: Indian Stock Market would open gap positive. Technically, Indian Stock Market is still in positive zone. Indian Stock Market would continue to see positive movement for now. Traders can continue to hold long positions until Nifty holds above 10223 on closing basis. Next logical target for Nifty is set to 10450-10500 whereas for BankNifty it is set to 25500-25675. Overall, market is positive for now and traders can hold long positions.

FIIs were net buyers of Rs.348.75 crores whereas DIIs were net sellers of Rs.509.17 crores in cash market for last trading session. Nifty would see strong support at 10340-10260-10140-10065 whereas strong resistance would be seen 10451-10500-10618 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

Important Quarterly Results To Be Declared Today: Aditya Birla Fashion & Retail, Allahabad Bank (NS: ALBK ), Axis Bank, Bata India (NS: BATA ), Bharat Forge (NS: BFRG ), Bliss GVS Pharma, CARE Ratings, City Union Bank (NS: CTBK ), Elgi Equipments (NS: ELGE ), Entertainment Network (NS: ENIL ) India Ltd, Equitas Holdings, Gillette India (NS: GILE ), Godrej Consumer (NS: GOCP ) Products, Great Eastern Shipping (NS: GESC ) Company, Gujarat Alkalies, GSFC, Hindalco, Indo Count Industries, JB Chemicals, Jai Corp (NS: JAIC ), JSW Energy (NS: JSWE ), KEC International (NS: KECL ), Lux Industries, Magma Fincorp (NS: MAGM ), Max India (NS: MAXI ), NTPC (NS: NTPC ), Oracle Financial Services Software (NS: ORCL ), Petronet LNG, Power Finance (NS: PWFC ) Corporation, P&G Hygiene and Health Care, PNB, Reliance Naval & Engineering, Reliance Power (NS: RPOL ), Sonata Software (NS: SOFT ), SAIL, Sun TV Network, TV Today Network, Tata Checmicals, V-Mart Retail, Whirlpool Of India and Zydus Wellness (NS: ZYDS ).

Stocks In F&O Ban Period: NIL.

NSE Nifty: (10380) The support for the Nifty is 10340-10260-10140-10065 and the resistance to the up move is at 10451-10500-10560-10618 levels.

NSE BankNifty: (25324) The support for BankNifty is 25228-25070-24960-24820 and the resistance to the up move is at 25480-25532-25675-25835-25960 levels.

BSE Sensex : (34432) The support for the Sensex is at 34228-34110-34070-33899 and the resistance to the up move is at 34500-34610-34666-34770-34850 levels.

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