Last session as our expert predicted, Indian Stock Market opened flat with positive bias.Indian Stock Market would consolidate until BankNifty closes above 19000 levels.Nifty would see strong resistance near 8457 for the day and same happened. Indian Stock Market moved sharply positive but saw strong resistance near resistance levels of 27450 for Sensex and 8457 for Nifty like a dot. Market saw sharp profit booking from there and fell down to see lows right at support levels of 8380. Finally, Indian Stock Market closed flat for the day.
This week Indian Stock Market would open negative.Technically,Indian Stock Market is still in positive zone.For now, market would consolidate until BankNifty breaches levels of 19000 on closing basis.Some profit booking can’t be ruled out at this point of time as Nifty and BankNifty to face immediate resistance at 8460-8500 and 19000-19100 levels,respectively.Today, WPI Inflation would be disclosed and is expected to remain low for the month. Reliance Industries results would be disclosed today and would decide further market direction. Overall, market would consolidate in a range bound region.Traders would not let market fall sharply due to expectations from Union Budget but temporary profit booking would be seen. Nifty would see trend reversal at 8351 spot levels. If Nifty closes below 8351 spot levels then traders can initiate fresh short positions. For now, traders can hold long positions with strict closing stoploss of 8351 for Nifty spot levels.
FIIs were net sellers of Rs.117.59 crores whereas DIIs were net sellers of Rs.473.50 crores in cash market for last trading session. Nifty would see strong support at 8380-8351-8325-8300-8240 whereas strong resistance would be seen at 8430-8457-8500 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.