Last Trading Session: Exactly as per EquityPandit’s predictions, Indian Stock Market opened flat. Market moved higher due to IIP and CPI numbers but had sharply fallen from 7680 levels on the news of Iraq violence as predicted by EquityPandit. Oil Marketing companies hit sharply. Nifty saw strong support at EquityPandit’s predicted support levels of 7500 whereas highs were seen near to EquityPandit’s predicted resistance levels of 7680-7700 levels. Finally, Indian stock market closed sharply negative for the day.
Today: Indian Stock Market may open flat with negative bias. Iraq violence would still hit Indian Markets. Indian Stock Market would see further downtrend, where IT and Pharma would act as defensive and savor for the markets. WPI numbers, which would be disclosed today, would decided further market direction. Technically, 7500-7450 would act as strong support for Nifty. Markets may see some downtrend but Traders should not short at this point of time. They should wait for longs at dips rather than shorting at these levels. Some downtrend in the market is required, so that new positive momentum develops after budget. Nifty would see strong resistance at 7605-7680-7800 levels for Nifty, whereas support would be seen at 7500-7450-7420. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
NSE Nifty: (7542) The support for the Nifty is at 7500-7450-7420 and the resistance to the up move is at 7605-7680-7800 levels.
BSE Sensex: (25228) The support for the Sensex is at 25000-24950-24720 and the resistance to the up move is at 25450-25650 levels.
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