Indian Stock Market Under Pressure, Axis Bank Results Today

Indian Stock Market Under Pressure, Axis Bank Results Today

Abhishek Parakh  | May 16, 2018 10:39

Last Trading Session: Indian Stock Market opened flat exactly as predicted by EquityPandit. EquityPandit predicted that Indian Stock Market would see sharp positive movement where it would form a top and see sharp profit booking from there and exactly same happened. Indian Stock Market saw sharp positive movement and saw highs near EquityPandit’s predicted resistance levels of 10912. Sensex also saw highs right at EquityPandit’s predicted resistance levels of 36000 like a dot. Finally, Indian Stock Market closed flat for the day as predicted by EquityPandit.

Today: Indian Stock Market would open gap negative. Technically, Indian Stock Market is still in positive zone. Now, the top has been made for some time. Now If Market opens gap negative then traders can take long positions in Intraday and book profits as soon as it reaches near EquityPandit’s predicted resistance levels. Market would see reversal if it closes below 10765 for Nifty and 26417 for BankNifty. Closing below these levels would confirm that market has entered into negative zone and traders can initiate fresh short positions in that case. A gap negative opening for Nifty would give an opportunity to intraday traders to go long for some profits as market would recover to some extent before resuming the short term negative trend in that case. Overall, market is under pressure and closing below EquityPandit’s predicted reversal levels would confirm further downfall in the market. Axis Bank would disclose its results today and would affect Indian Stock Market for the day.

FIIs were net sellers of Rs.518.47 crores whereas DIIs were net buyers of Rs.531.33 crores in cash market for last trading session. Nifty would see strong support at 10760-10700-10675-10645 whereas strong resistance would be seen 10840-10885-10912 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

Click Here to Check the Trend Of Major Indices and Stocks

Stocks In F&O Ban Period: DHFL, JETAIRWAYS, JPASSOCIAT, JUSTDIAL, PCJEWELLER and WOCKPHARMA.

Important Companies To Disclose Its Q4 Results Today: AIA Engineering (NS:AIAE), Alembic Pharma, Axis Bank, Birla Corporation (NS:BRLC), Century Plyboards, DB Corp, Gateway Distriparks, GSFC, Hindalco Industries (NS:HALC), ITC (NS:ITC), JK Lakshmi Cement (NS:JKLC), Jyothy Laboratories, Muthoot Finance (NS:MUTT), NIIT (NS:NIIT), Praj Industries (NS:PRAJ), PTC India (NS:PTCI), Tata Steel, TVS Motor and Welspun India.

NSE Nifty: (10802) The support for the Nifty is 10760-10700-10675-10645 and the resistance to the up move is at 10840-10885-10912 levels.

NSE BankNifty: (26474) The support for BankNifty is at 26250-26000 and the resistance to the up move is at 26660-26800-27000 levels.

BSE Sensex: (35544) The support for the Sensex is at 35404-35200-35130-35070-35000 and the resistance to the up move is at 35660-35738-36000 levels.


Original Post

Abhishek Parakh

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