Market Still Bullish, Nifty Head Towards Its Next Targets Of 10028-10150 Until 9691 Holds

Last Trading Session: Indian Stock Market opened positive. EquityPandit predicted that the market would see some easing on Moody’s downgrade but overall the market is positive until Nifty holds above 9597 on closing basis and exactly the same happened. Indian Stock Market opened positive and saw sharp downfall upto 9824 levels for Nifty but was not able to sustain the lower levels and rebounded sharply from there. Indian Stock Market saw sharp positive movement from there and finally, managed to close the gap positive for the day right below EquityPandit’s predicted resistance of 9980 for Nifty. Finally, Indian Stock Market closed the gap positive for the day. Nifty closed right below EquityPandit’s predicted resistance levels of 9980 like a dot.

Today: Indian Stock Market would open positive. Technically, Indian Stock Market is still in a positive zone for now. Market will enter into a negative zone once it closes below 9691 for Nifty and 19458 for BankNifty. Indian Stock Market is still bullish and the further rally would be backed by the banking sector. Nifty would see the next target of 10028-10150. Once the target of 10028 achieves, the market can even see the levels of 10150-10400 in days to come until levels of 10000 holds for the Nifty. BankNifty would see its next target at 20900 and 21200. Overall, the market is bullish for now and traders can continue to hold long positions for now. The only cause of concern is Nifty is near its strong resistance of 10000 levels but BankNifty looks strong and may force Nifty to breach 10000 levels.

Nifty:

BankNifty:

Check the Trend Of Major Indices and Stocks

FIIs were net buyers of Rs.7498.29 crores whereas DIIs were net buyers of Rs.441.05 crores in the cash market for the last trading session. Nifty would see strong support at is 9933-9903-9875-9845 whereas strong resistance would be seen at 10040-10160-10185-10400 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: Aurobindo Pharma, BPCL, Cholamandalam Investment, DCM Shriram, Dishman Carbogen Amcis, MAS Financial Services Ltd.

NSE Nifty: (9979)  The support for the Nifty is 9933-9903-9875-9845 and the resistance to the up move is at 10040-10160-10185-10400 levels.

NSE BankNifty: (20530) The support for BankNifty is 20465-20275-19730-19935 and the resistance to the up move is 20780-20920-21060-21240 levels.

BSE Sensex: (33826) The support for the Sensex is 33678-33530-33370-33110 and the resistance to the up move is at 33888-34067-34240-34380 levels.

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