Last Trading Session: Indian Stock Market opened gap positive for the day. EquityPandit predicted that market would see strong support near 10100-10000 zone and a bounce back would surely be seen near these levels and exactly same happened. Indian Stock Market opened gap positive and fell down sharply from there to see support near EquityPandit’s predicted zone of 10100. Market recovered sharply and finally managed to close positive for the day. Nifty closed right at EquityPandit’s predicted resistance levels of 10225 like a dot.
Today: Indian Stock Market would open gap negative. Technically, Nifty is still in negative zone whereas BankNifty is still in positive zone. Nifty would enter into positive zone if it closes above 10359 whereas BankNifty would enter into negative zone once it closes below 24947. Market is consolidating in a range as it is waiting for either of the two to happen. Market would see sharp positive rally only if Nifty manages to close above 10359 in next couple of days whereas a sharp breakdown would be seen in the market if BankNifty closes below 24947. Today, market would see sharp downfall while opening and may test the support of 10100-10000 for Nifty. Intraday Traders can wait for this downfall and then can go long when Nifty test this support zone with small stoploss of 9950 for Nifty. Today is F&O expiry and hence market would see sharp swings and would remain highly volatile and hence traders should trade with strict stoplosses. Indian Corporate Giants like BHEL, Bharti Airtel (NS:BRTI), Biocon (NS:BION), JSW Steel (NS:JSTL), Maruti Suzuki (NS:MRTI) and Yes Bank would disclose its quarterly results today and would affect Indian Stock Market direction for today.
FIIs were net sellers of Rs.2046.54 crores whereas DIIs were net buyers of Rs.1873.51 crores in cash market for last trading session. Nifty would see strong support at 10140-10100-10065-10000 whereas strong resistance would be seen 10305-10360-10380-10451 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: BHEL, Bharti Airtel, Biocon, Cromptom Greaves, DB Corp, Dish TV India (NS:DSTV), Force Motors, GMDC, Heidelberg Cement India, Intellect Design Arena, JM Financial (NS:JMSH), JSW Steel, Kajaria Ceramics (NS:KAJR), L&T Technology Services, Maruti Suzuki India, Oriental Bank Of Commerce (NS:ORBC), Piramal Enterprise, PVR, Raymond (NS:RYMD), Shriram City Union Finance, Shriram Transport (NS:SRTR) Finance Company, Tata Coffee (NS:TACO), V-Guard Industries and Yes Bank Ltd. (NS:YESB)
Stocks In F&O Ban Period: ADANIENT, ADANIPOWER and DHFL.
NSE Nifty: (10225) The support for the Nifty is 10140-10100-10065-10000 and the resistance to the up move is at 10305-10380-10451 levels.
NSE BankNifty: (25064) The support for BankNifty is 24865-24780-24618-24536-24465 and the resistance to the up move is at 25202-25265-25340-25500 levels.
BSE Sensex: (34034) The support for the Sensex is at 33830-33745-33665-33575 and the resistance to the up move is at 34110-34240-34325-34528 levels.