Nifty Enters Positive Zone But Market To Consolidate In a Rangebound Region For Now

Last Trading Session: Indian Stock Market opened positive for the day. EquityPandit predicted that the Market would see some positive movement but traders should initiate fresh long positions only if it closes above 11136 for Nifty and 21870 for BankNifty. Indian Stock Market saw sharp positive movement as predicted by EquityPandit. Infosys (+2.77%), Bajaj Finance (+2.55%), HCL Tech (+2.40%), TCS (+2.15%), ICICI Bank (+1.86%) were the major market movers for the day. Finally, Indian Stock Market closed the gap positive for the day.

Market Today: Indian Stock Market would open flat. Technically, Nifty has entered into positive zone whereas BankNifty is still in negative zone. Now the market would consolidate in a rangebound region until the trend is not confirmed. BankNifty needs to close above 21870 to enter into the positive zone and if that happens then the market would see a sharp positive rally. But it needs to be taken care that Nifty would again enter into a negative zone if it closes below 11016 and if that happens then the market would see a sharp downfall. We are expecting a range bound movement with consolidation for next few days. Although Nifty is in a positive zone but distribution patterns have been seen in the overall structure of the market that indicates weaker sentiments in the market and hence all long trades should be hedged properly to avoid any risk.

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Nifty:

BankNifty:

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FIIs were net buyers of Rs.637.43 crores whereas DIIs were net sellers of Rs.468 crores in the cash market for the last trading session. Nifty would see strong support at 11165-11100-11065-11040-10945  whereas strong resistance would be seen at 11240-11267-11301-11390 levels. EquityPandit’s support and resistance levels always meet accuracy and hence traders are suggested to follow them for good profits.

Important Results To Be Declared Today: Abbott India, Adani Transmission, Aditya Birla Capital, Alkem Laboratories, Amara Raja Batteries, Amber Enterprises India, Balrampur Chini Mills, Bata India, BEML, Birla Corporation, Cipla, CCIL, Emami, FDC, Finolex Industries, Johnson Controls-Hitachi Air Condition, Kajaria Ceramics, Mahanagar Gas, M&M, REC Ltd, Shipping Corporation Of India, Siemens, Sobha, Sudarshan Chemical, TV Today Network Ltd.

NSE Nifty: (11200) The support for the Nifty is 11165-11100-11065-11040-10945 and the resistance to the up move is at 11240-11267-11301-11390.

NSE BankNifty: (21643) The support for BankNifty is 21550-21350-21065-20878 and the resistance to the up move is 21862-22000-22110-22385.

BSE Sensex: (38025) The support for the Sensex 37880-37740-37600-37440 and the resistance to the up move is at 38240-38370-38402-38487 levels.

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