Some Consolidation To Be Seen Ahead Of RBI Policy Day, Go Long At Dips

Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened gap positive for the day. EquityPandit predicted that market is still in positive momentum and traders should hold long positions as of now. EquityPandit also predicted that Nifty would achieve Targets of 8800 and exactly same happened. Market moved sharply positive. Market almost achieved EquityPandit’s second target of 8820 levels for Nifty and 20500 for BankNifty. Traders, who followed EquityPandit’s advice might have earned whopping profits for the day. Finally, Indian Stock Market closed gap positive for the day.

Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still in positive zone. Market would consolidate and wait for the next trigger i.e. RBI Policy, that would be disclosed tomorrow. Some Profit booking can’t be ruled out at this point of time. BankNifty is near its last resistance of 20575 levels and once it closes above those levels, there is no looking back as it would confirm an Inverse Head and Shoulder pattern that would force BankNifty to see lifetime highs and even breach those levels with sharp positive momentum. This trigger would be seen if RBI see rate cut tomorrow. Overall, market is positive and traders should continue to hold long positions for now. Few Indian coporate major would disclose their results today and that would affect Indian Stock Market direction for today.

FIIs were net sellers of Rs.403.52 crores whereas DIIs were net buyers of Rs.449.52 crores in cash market for last trading session. Nifty would see strong support at 8774-8700-8688-8665 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.

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Important Results To Be Disclosed Today: BF Utilities, BHEL, Blue Dart, CEAT, Cera Sanityware, Dhanuka Agritech, EID Parry, Gati, Gillette India, GMDC, Hexaware, IDBI Bank, Jubilant Life Sciences, Mangalore Refinery and Petrochemicals, Minda Industries, NHPC, PNB, Ramco Systems, Tata Steel, Ramco Cements and Titan.

NSE Nifty: (8801) The support for the Nifty is 8774-8700-8688-8665 and the resistance to the up move is at 8830-8850-8900-8970 levels.

NSE BankNifty: (20372) The support for BankNifty is at 20330-20285-20165-20130 and the resistance to the up move is at 20576-20610-20780-20900 levels.

BSE Sensex: (28439) The support for the Sensex is at 28312-28250-28183-28110 and the resistance to the up move is at 28500-28660-28780-28888 levels.

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