Nifty Needs To Close Above 8600 Levels To Show Some Strength

  • Stock Market Analysis

Last Trading Session: Indian Stock Market opened flat for the day. EquityPandit predicted that Indian Stock Market would consolidate in a small range and would see sideways movement. EquityPandit also predicted that profit booking can't be ruled out at this point of time and exactly same happened. Indian Stock Market saw sharp profit booking and fell down sharply.

Nifty saw highs right at EquityPandit's predicted resistance levels of 8616 levels whereas lows were seen right at EquityPandit's predicted support levels of 8500 like a dot. Bank Nifty also saw lows right at EquityPandit's predicted support levels of 18780 like a dot.

Finally, Indian Stock Market closed gap negative for the day.

Today: Indian Stock Market would open flat with positive bias. Market is still in positive zone but due to lack of any positive trigger, it would see further profit booking. Nifty needs to close above 8600 levels to show some strength as it is the major closing base resistance for Nifty.

For now, market would continue to consolidate in a rangebound region, so no major trade should be taken at this point of time until the downtrend is confirmed. FIIs were net sellers of Rs.14.43 crores whereas DIIs were net seller of Rs.50.05 crores in last trading session.

Nifty would see strong support at 8500-8450-8410 whereas strong resistance would be seen at 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: Adani Enterprises Ltd. (NSE: ADEL ), Apollo Hospitals Enterprises Ltd. (NSE: APLH ), Apollo Tyres Ltd (NSE: APLO ), Astral Poly Technik Ltd (NSE: ASPT ), Bosch Ltd (NSE: BOSH ), Godrej Industries Ltd. (NSE: GODI ), Hindustan Copper Limited (NSE: HCPR ), Hindustan Petroleum Corporation Ltd (NSE: HPCL ), IFCI Ltd. (NSE: IFCI ), JK Lakshmi Cement Limited (NSE: JKLC ), Jubilant Foodworks Limited (NSE: JUBI ), NMDC Ltd (NSE: NMDC ), Prestige Estates Projects Limited (NSE: PREG ), Reliance Power Limited (NSE: RPOL ), SBI (NSE: SBI ) Nifty Junior (NSE: SBIN ), Sun Pharmaceutical Industries Ltd. (NSE: SUN ), Tata Investment Corporation Ltd. (NSE: TINV ), TATA STEEL LIMITED (NSE: TISC ), VRL Logistics Ltd (NSE: VRLL ) andVST Tillers Tractors Ltd (NSE: VST ).

NSE Nifty: (8526) The support for the Nifty is 8500-8450-8410 and the resistance to the up move is at 8616-8650-8700 levels.

NSE BankNifty: (18894) The support for BankNifty is at 18780-18620-18475 and the resistance to the up move is at 19110-19200-19400 levels.

Sensex : (28102) The support for the Sensex is at 28060-27980-27814-27700 and the resistance to the up move is at 28480-28578-28641 levels.

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