Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat for the day. EquityPandit predicted that some consolidation would be seen in the market ahead of RBI Policy day. EquityPandit also predicted that market would see profit booking as of now but traders to go long at dips. Indian Stock Market saw some profit booking but saw lows right near EquityPandit’s predicted support levels of 20285 for BankNifty like a dot. Sensex also saw strong support near EquityPandit’s predicted support levels of 28250. Finally, Indian Stock Market closed negative for the day.
Today: Indian Stock Market would open negative. Technically, Indian Stock Market is still in positive zone. Today is RBI Policy announcement. Further market direction would be dependent on Rate cut announcement. If no rate cut is seen, then market would see some temporary profit booking as street is already expecting no rate cut. But if rate cut comes, it would be a big surprise that would take BankNifty to new highs. Market would enter negative zone once it closes below 8704 for Nifty and 20078 for BankNifty. So traders can hold long positions with strict stoploss of 20078 on closing basis for BankNifty and 8704 on closing basis for Nifty. Once BankNifty closes below these levels, traders can initiate fresh short in the market. But holding long as of now with strict stoploss is the worth risk taking. Traders are also suggested to hedge the long positions until RBI Policy is announced.
FIIs were net buyers of Rs.201.13 crores whereas DIIs were net buyers of Rs.1620.03 crores in cash market for last trading session. Nifty would see strong support at 7840-8700-8688-8665 whereas strong resistance would be seen at 8830-8850-8900-8970 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 Disclosed Today: Bharat Forge (NS: BFRG ), Birla Corporation (NS: BRLC ), Cipla (NS: CIPL ), City Union Bank (NS: CTBK ), Coffee Day Enterprises, eClerx Services (NS: ECLE ), Hathway Cable (NS: HAWY ), Hero Motocorp, Indraprastha Gas, Desoram Industries, Manappuram Finance, NTPC (NS: NTPC ), Oracle (NYSE: ORCL ) Financial Services software, Polaris Consulting, Rattanindia (NS: RTNP ) Power, Reliance Power (NS: RPOL ), Siemens (NS: SIEM ), Sobha Ltd. Tata Chemicals (NS: TTCH ), Thermax (NS: THMX ), Triveni Turbine, Union Bank of India (NS: UNBK ) and United Breweries (NS: UBBW ).
NSE Nifty: (8768) The support for the Nifty is 8740-8700-8688-8665 and the resistance to the up move is at 8830-8850-8900-8970 levels.
NSE BankNifty: (20327) The support for BankNifty is at 20285-20165-20130 and the resistance to the up move is at 20576-20610-20780-20900 levels.
BSE Sensex: (28330) The support for the Sensex is at 28250-28183-28110-28000 and the resistance to the up move is at 28500-28660-28780-28888 levels.
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