Market To See Some Profit Booking But Hold Long Positions For Now, RIL Results Today

Last Trading Session: Indian Stock Market opened flat exactly as predicted by EquityPandit. EquityPandit predicted that Nifty formed DOJI pattern and market may see some profit booking but traders should go long at dips and exactly same happened. Indian Stock Market saw profit booking as expected and moved sharply positive from there. Nifty achieved all the targets as specified by EquityPandit generating huge profits for the traders. Finally, Indian Stock Market closed gap positive for the day. Nifty closed right at EquityPandit’s predicted resistance levels of 11585 like a dot.

Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still in positive zone. BankNifty has seen a Triangle Breakout and we can see targets of 29350-29500 for BankNifty in upcoming sessions. Nifty would also head towards its next target of 11680. Market would see some profit booking and Some consolidation is not ruled out but overall market is bullish and traders should continue to hold long positions in the market.

Nifty:

BankNifty:

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FIIs were net buyers of Rs.1158.63 crores whereas DIIs were net sellers of Rs.511.76 crores in cash market for last trading session. Nifty would see strong support at 11515-11498-11450-11412 whereas strong resistance would be seen at 11630-11682-11700-11730 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: Ambuja Cements Ltd, ICICI Lombard General Insurance Company, L&T Finance Holdings, L&T Technology Services and Reliance Industries Ltd.

NSE Nifty: (11586) The support for the Nifty is 11515-11498-11450-11412 and the resistance to the up move is at 11630-11682-11700-11730 levels.

NSE BankNifty: (28989) The support for BankNifty is 28870-28820-28740-28600 and the resistance to the up move is 29075-29130-29180-29270 levels.

BSE Sensex: (39052) The support for the Sensex is 28940-38800-38747-38700-38540 and the resistance to the up move is at 39115-39240-39380-39470 levels.

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