Market To Consolidate, Profit Booking To Be Seen Until Nifty Closes Above 9370

Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat for the day. EquityPandit predicted that Nifty has formed SPINNING TOP candle stick pattern with Stochastics in overbought region that suggest profit booking would be seen and exactly same happened. Indian Stock Market made new highs but was not able to sustain and saw a sharp profit booking from there. Sensex saw highs right near EquityPandit’s predicted resistance levels of 30180 like a dot and fell down from there to see lows right near EquityPandit’s predicted support levels of 29985. BankNifty remained strong and saw highs right at EquityPandit’s predicted resistance levels of 22380 like a dot. Traders, who followed EquityPandit’s advice might have earned huge profits for the day. Finally, Indian Stock Market closed negative for the day. Banking sector remained strong for the day.

Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still in positive trend. New F&O contract would start today. Market may enter into consolidation soon. Nifty may see its strength loosing below 9320 levels. Nifty has formed BLACK CLOUD COVER candlestick pattern and Stochastic are already in overbought region, so closing below 9320 would force market to see further profit booking. Nifty would see reversal only if it closes below 9273 levels. Further positive rally would begin only if Nifty manages to close above 9370 levels. Once market closes above 9370 levels we would see Nifty achieving the next target of 9415 levels.Until then traders can go short at resistance and long at support levels. Today’s movement would decide further direction of the market in upcoming days.

FIIs were net sellers of Rs.181.71 crores whereas DIIs were net buyers of Rs.233.31 crores in cash market for last trading session. Nifty would see strong support at 9320-9300-9270-9250-9218 whereas strong resistance would be seen at 9370-9415 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 Corporate Results Today: Ambuja Cement, CEAT, Cholamandalam Investment, Coromandal International, Federal Bank, IDFC, Kesoram Industries, Kitex Garments, Raymond, Sumpreme Industries and UPL.

NSE Nifty: (9342) The support for the Nifty is 9320-9300-9270-9250-9218 and the resistance to the up move is at 9370-9415 levels.

NSE BankNifty: (22326) The support for BankNifty is at 22270-22138-22000-21940 and the resistance to the up move is at 22380-22474 levels.

BSE Sensex: (3030) The support for the Sensex is at 29985-29930-29834-29800 and the resistance to the up move is at 300180-30270-30342-30440 levels.

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