Market To Consolidate Until BankNifty Closes Above 19000, Infy Results Today

Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened positive for the day. EquityPandit predicted that market is still in positive zone and traders should hold long positions in BankNifty. Indian Stock Market moved sharply positive for the day but saw strong resistance near 19000 levels for BankNifty and managed to close flat with positive bias for the day.

Today: Indian Stock Market would open flat with Positive bias. Technically, Indian Stock Market is still in positive zone but some profit booking is not ruled out at this point of time as BankNifty is looking overstretched. Market would see some consolidation in a rangebound region. BankNifty needs to breach levels of 19000 on closing basis for the next bull run. BankNifty has also see a doji pattern in yesterday’s trade that is a sign of reversal. So If BankNifty breaches levels of 18800 on the downside than we would see some downtrend today. Traders should initiate fresh short positions only if Nifty closes below 8335 spot levels and BankNifty closes below 18629 spot levels, until then every dip would be considered as temporary profit booking. Infosys would disclose its results today and it would be a major driver for Nifty.

FIIs were net sellers of Rs.12.77 crores whereas DIIs were net sellers of Rs.110.08 crores in cash market for last trading session. Nifty would see strong support at 8380-8325-8300-8240 whereas strong resistance would be seen at 8430-8457-8500 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

Click Here to Check the Trend Of Major Indices and Stocks

Important Results To Be Disclosed Today: Gruh Finance, IL&FS Transportation Networks, Infosys and MCX.

NSE Nifty: (8407) The support for the Nifty is 8380-8325-8300-8240 and the resistance to the up move is at 8430-8457-8500 levels.

NSE BankNifty: (18874) The support for BankNifty is at 18800-18734-18610-18533 and the resistance to the up move is at 19008-19110-19376-19440 levels.

BSE Sensex: (27247) The support for the Sensex is at 27160-27060-26950-26870 and the resistance to the up move is at 27280-27385-27450-27600 levels.

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