Hold Long Positions, BankNifty To See Further Positive Rally

Last Trading Session: Indian Stock Market opened flat as predicted by EquityPandit. EquityPandit predicted that market is still in positive zone and reversal would take place only if it closes below 10676 levels for Nifty and 25830 levels for BankNifty but until then traders can hold long positions and exactly same happened. Market saw a sharp positive rally led by BankNifty as predicted by EquityPandit. Nifty saw highs right at EquityPandit’s predicted resistance levels of 10800. Finally, Indian Stock Market closed gap positive for the day.

Today: Indian Stock Market would open gap positive. Technically, Indian Stock Market is still in positive zone. Now, we would see further positive rally in BankNifty that would push broader market in positive direction. Government mulling to increase the FDI limit of Private Banks to 100% from current 74% and PSU Banks to 49% from current 20%. This is a big positive news for whole banking sector. So, traders should continue to hold long positions in BankNifty and Nifty for now. Yes Bank, Bharti Airtel and UltraTech would disclose their results today and would affect Indian Stock Market.

FIIs were net buyers of Rs.625.13 crores whereas DIIs were net buyers of Rs.168.61 crores in cash market for last trading session. Nifty would see strong support at 10744-10700-10675-10645 whereas strong resistance would be seen at 10840-10880-10905-10936 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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Stocks In F&O Ban Period: BALRAMCHIN, CAPF, DISHTV, FORTIS, GMRINFRA, HCC, HDIL, IFCI, INDIACEM, JINDALSTEL, JISLJALEQS, JPASSOCIAT, KSCL, and RPOWER.

Important Q3 Results To Be Disclosed Today: Adani Enterprises, Adani Ports, Bharti Airtel, Cyient, D B Corp, Hindustan Zinc, UltraTech Cement, Yes Bank and Zensar Technologies.

NSE Nifty: (10789) The support for the Nifty is 10744-10700-10675-10645 and the resistance to the up move is at 10840-10880-10905-10936 levels.

NSE BankNifty: (26289) The support for BankNifty is at 26180-26100-26078-26044 and the resistance to the up move is at 26380-26450-26518-26660 levels.

BSE Sensex: (35082) The support for the Sensex is at 35000-34970-34850-34700 and the resistance to the up move is at 35180-35270-35380-35440 levels.

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