Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened gap negative with 50 points for Nifty. Nifty moved positive after opeing as some pullback was expected by EquityPandit. As EquityPandit predicted that FII selling even in positive trend is a negative news for Indian Stock Market and market can see further downtrend and exactly same happened. Nifty fell down sharply and saw lows right on EquityPandit’s predicted support levels of 7840 levels for Nifty. Finally, Indian Stock Market closed gap negative for the day.
Today: Indian Stock Market to open gap negative with 20-50 points for Nifty. Overall Indian Stock market is still in negative trend and would consolidate in a rangebound region with high level of volatility due to a truncated week as we have another market holiday on Wednesday, October 15, 2014 due to Assembly Election in Maharashtra. FIIs were still a net sellers of Rs.719.77 crores whereas DIIs were net buyers of Rs.558.21 crores in Indian Stock Market on Friday. S&P500 is just near DMA of 200 and if it get breached on negative side, we can see a continuous downfall, which would be a negative news for Indian Stock Market. Nifty, if breaches levels of 7800 by closing then strong downtrend can be seen in days to come. Hence traders should consider levels of 7800 as a strong deciding levels and take decision for their trading. Indian Stock Market would see Strong support at 7820-7800-7754 levels for Nifty whereas resistance would be seen at 7950-8000-8032 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
NSE Nifty: (7860) The support for the Nifty is at 7820-7800-7754 and the resistance to the up move is at 7950-8000-8032 levels.
NSE BankNifty: (15454) The support for the BankNifty is at 15340-15160-15075 and the resistance to the up move is at 15700-15880-16075 levels.
BSE Sensex: (26298) The support for the Sensex is at 26200-26000-25700 and the resistance to the up move is at 26550-26700-26900 levels.
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