Market To See Positive Movement But Corporate Results Would Disappoint, So Trade Cautiously

Last Trading Session: Indian Stock Market opened negative as predicted by EquityPandit. EquityPandit predicted that market is still in positive zone but upside is limited. EquityPandit also suggested traders to go short at every positive rally near EquityPandit’s resistance levels. Market moved sharply negative and saw lows right at EquityPandit’s predicted support levels of 8820 for Nifty and 30000 for Sensex like a dot. Market recovered sharply from EquityPandit’s predicted support levels and saw highs right near EquityPandit’s predicted resistance levels of 9057 for Nifty and 30800 for Sensex like a dot. Coincidentally, both support and resistance for Nifty and Sensex were exactly tested like a dot. Finally, Indian Stock Market closed positive for the day.

Today: Indian Stock Market would open gap positive. Technically, Indian Stock Market is still in positive zone. Market would enter into negative zone once it closes below 8657. Upside would be seen but is limited as multiple resistances exists nearby at 9210-9267-9390. Downside is open and hence traders should take care of strict stoplosses in long positions. Note that this positive rally is just temporary and market can anytime see sharp downfall in upcoming days. This is a good time for traders to make money in both the directions if one follows resistances and support carefully. Investors should wait for now as economies around the globe are struggling and corporate results would disappoint due to this slowdown. Investors can wait as they would get opportunity to buy bluechip stocks at good discount in sometime.

FIIs were net sellers of Rs.2920.36 crores whereas DIIs were net buyers of Rs.1321.44 crores in cash market for last trading session. Nifty would see strong support at 8874-8820-8745-8665 whereas strong resistance would be seen at 9057-9127-9210-9346 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (8993) The support for the Nifty is 8874-8820-8745-8665 and the resistance to the up move is at 9057-9127-9210-9346 levels.

NSE BankNifty: (19400) The support for BankNifty is 19075-18880-18660-18504 and the resistance to the up move is 19516-19770-19888-20180 levels.

BSE Sensex: (30603) The support for the Sensex is 30450-30220-30115-30000-29815 and the resistance to the up move is at 30800-31067-31227-31350 levels.