Market Heading Towards Record Highs, Hold Long Positions For Now

Last Trading Session: Indian Stock Market opened flat for the day. EquityPandit predicted that Indian Stock Market is bullish and traders should continue to hold long positions for now. EquityPandit also predicted that every downfall should be an opportunity for traders to go long in the market and exactly same happened. Nifty saw a breakout from Cup and Handle Pattern as predicted by EquityPandit. Indian Stock Market moved sharply positive in last week and managed to close gap positive for the week.

Today: Indian Stock Market would open flat with positive bias. Technically, Indian Stock Market is still in positive zone. Indian Stock Market is still bullish and would head towards life-time highs. BankNifty also forming Double Bottom type of pattern and may see breakout anytime. Market would consolidate until BankNifty closes above 30500 but overall, market is bullish and traders should continue to hold long positions for now.

Nifty:

BankNifty:

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FIIs were net sellers of Rs.533.37 crores whereas DIIs were net sellers of Rs.136.50 crores in cash market for last trading session. Nifty would see strong support at 11875-11850-11800-11748 whereas strong resistance would be seen at 11930-11975-12041-12083 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: BEL, Can Fin Homes, CARE Ratings, GE Power India, Godrej Agrovet, HDFC, Indian Overseas Bank, Intellect Design Arena, KRBL, Mahindra Holidays, Mahindra Logistics, Mangalore Refinery and Petrochimicals, NOCIL, Persistent Systems, SRF, Sudarshan Chemical Industries, Sun Pharma Advance Research Company, Sundaram Fasteners, Varun Beverages, VST Industries and WABCO India.

NSE Nifty: (11890) The support for the Nifty is 11875-11850-11800-11748 and the resistance to the up move is at 11930-11975-12041-12083 levels.

NSE BankNifty: (30331) The support for BankNifty is 30240-30140-30025 and the resistance to the up move is 30465-30515-30660-30700 levels.

BSE Sensex: (40165) The support for the Sensex is 40035-40000-39940 and the resistance to the up move is at 40270-40380-40500-40600 levels.

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