Market To See Sharp Rally On Stimulus Announcement, Street Would Wait For Details

Last Trading Session: Indian Stock Market opened gap negative as predicted by Equitypandit. EquityPandit predicted that market is still bearish and traders should continue to hold short positions until Nifty holds below 9480 and exactly same happened. Indian Stock Market moved sharply negative and traders might have earned huge profits for the day. BankNifty was also forming Inverse Head and Shoulder Pattern and saw almost 700 points downfall after opening. Finally, Indian Stock Market recovered sharply from day lows but still managed to close negative for the day.

Today: Indian Stock Market would open gap positive. Technically, Indian Stock Market is still in negative zone. Analysis would still remain same and market would enter into positive zone today as it closes above 9480 for Nifty and 20229 levels for BankNifty. Though overall economy is weak and market is bearish but the announcement of Stimulus Package worth Rs.20 Lakh crores would strengthen the sentiments among investors and we would see sharp positive rally today. Market may see sharp positive rally for now but still it is temporary in nature. Market would see strong resistance at higher levels but for now, market would see sharp positive rally due to the stimulus declared.

Nifty:

BankNifty:

Check the Trend Of Major Indices and Stocks

FIIs were net sellers of Rs.1662.03 crores whereas DIIs were net sellers of Rs.364 crores in cash market for last trading session. Nifty would see strong support at 9160-9090-9024-8980 whereas strong resistance would be seen at 9405-9540-9601-9665 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: Godrej Consumer Products, Kotak Mahindra Bank, Maruti Suzuki India, Mphasis, Schaeffler India and Siemens Ltd.

NSE Nifty: (9196) The support for the Nifty is 9160-9090-9024-8980 and the resistance to the up move is at 9405-9540-9601-9665 levels.

NSE BankNifty: (18863) The support for BankNifty is 18775-18660-18504-18380 and the resistance to the up move is 19516-19770-20000-20356 levels.

BSE Sensex: (31371) The support for the Sensex is 31340-31280-31025-30880 and the resistance to the up move is at 31880-32240-32540-32880 levels.

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