Market Would Remain Volatile, Go Long Only If Nifty Closes Above 10750

  • Stock Market Analysis
Abhishek Parakh - Equity Pandit
http://www.equitypandit.com/


Last Trading Session : Indian Stock Market opened negative as predicted by EquityPandit. EquityPandit predicted that market is still in negative momentum and traders can continue to hold short positions in the market. The market saw sharp downfall and BankNifty saw lows right at EquityPandit’s predicted support levels of 26440 for BankNifty like a dot. Traders, who followed EquityPandit’s advice might have earned huge profits for the day. Finally, the market recovered and managed to close flat with marginally negative for the day.

Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still in negative zone. The market would enter into positive zone only if it closes above 10750 for Nifty and 26885 for BankNifty but until then every positive movement would end up in selling. We are heading towards F&O Expiry and the Budget session. The market would see high volatility in a rangebound region. Traders should trade with caution for the next 3 days.

FIIs were net sellers of Rs.354.36 crores whereas DIIs were net buyers of Rs.81.27 crores in cash market for last trading session. Nifty would see strong support at 10630-10600-10550-10500 whereas strong resistance would be seen 10705-10740-10780-10820 levels. Since EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

Stocks In F&O Ban Period: ADANIENT, ADANIPOWER, BANKINDIA, DHFL and JISLJALEQS.

Important Results To Be Disclosed Today: Ajanta Pharma, Ashoka Buildcon, Bajaj Auto (NS:BAJA), Bajaj Holdings, Bharat Electronics (NS:BAJE), Blue Dart Express (NS:BLDT), Castrol India (NS:CAST), Cholamandalam (NS:CHLA) Investments & Finance, EIH (NS:EIHO), Gujarat Pipavav Port (NS:GPPL), Heritage Foods, Hexaware Technologies (NS:HEXT), ICICI Bank (NS:ICBK), IOC, Jindal Stainless (NS:JIST), JSW Energy (NS:JSWE), Jubilant Foodworks (NS:JUBI), KIOCL, LIC Housing Finance, Mahindra Holidays (NS:MAHH), Mahindra Logistics, NTPC (NS:NTPC), Ratnamani Metals, Security & Intelligence Services, Tata Communications (NS:TATA), Torrent Pharmaceuticals and Vinati Organics Ltd.

NSE Nifty: (10652) The support for the Nifty is 10625-10600-10550-10500 and the resistance to the up move is at 10705-10740-10780-10820 levels.

NSE BankNifty: (26573) The support for BankNifty is at 26500-26440-26365-26225 and the resistance to the up move is at 26685-26740-26840-26950-27005 levels.

BSE Sensex: (35593) The support for the Sensex is at 35500-35380-35270-35110 and the resistance to the up move is at 35775-35818-35880-35970 levels.

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