Market Still Bullish But May See Some Temporary Easing On Moody’s Downgrade

Last Trading Session: Indian Stock Market opened gap positive. EquityPandit predicted that market would see further rally and traders should continue long until Nifty holds above 9266. EquityPandit predicted that next target is set to 9800 for Nifty and 19700 for BankNifty and exactly same happened. Indian Stock Market moved sharply positive and achieved EquityPandit’s predicted targets for Nifty and BankNifty. EquityPandit continuously signaled to go long above 9170 for Nifty and 18317 for BankNifty since May 26. Traders, who followed EquityPandit’s advice might have earned huge profits for the day. Finally, Indian Stock Market closed gap positive for the day.

Today: Indian Stock Market would open positive. Technically, Indian Stock Market is still in positive zone for now. Market had already moved sharply positive since last 4 trading sessions and now market may see some consolidation. Moody’s Investor Service has downgraded India’s rating to BAA3 from BAA2 and changed its outlook from stable to negative. Although this is not a good news for investors but market would not be affected much by this rating in the current rally. Still, we suggested traders and short term Investors to book partial profits for now and hold remaining quantity with a stoploss below EquityPandit’s reversal levels. Market would enter into negative zone only if Nifty closes below 9597 levels and in that case traders should close all long positions and initiate short positions but until then go long at dips near support levels.

Nifty:

BankNifty:

Check the Trend Of Major Indices and Stocks

FIIs were net buyers of Rs.1460.71 crores whereas DIIs were net buyers of Rs.967.43 crores in the cash market for the last trading session. Nifty would see strong support at is 9775-9600-9508-9380 whereas strong resistance would be seen at 9888-9940-9980-10028 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 Disclosed Today: Britannia Industries, ERIS Lifesciences, Granules India, Interglobe Aviation, Motherson Sumi Systems, Sun Pharma Advanced Research Company and Zydus Wellness Ltd.

NSE Nifty: (9826)  The support for the Nifty is 9775-9600-9508-9380 and the resistance to the up move is at 9888-9940-9980-10028 levels.

NSE BankNifty: (19960) The support for BankNifty is 19740-19580-19211-19118 and the resistance to the up move is 20210-20347-20500-20780 levels.

BSE Sensex: (33304) The support for the Sensex is 33110-32880-32618-31370 and the resistance to the up move is at 33675-33888-34067-34240 levels.

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