Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened gap negative with 30 points for Nifty. Nifty moved negative as predicted by EquityPandit and saw lows exactly at EquityPandit’s predicted support levels of 7800 for Nifty. Indian Stock Market recovered led by Banking Sector. BankNifty saw highs exactly at EquityPandit’s predicted resistance levels of 15700 levels. Finally, Indian Stock Market closed positive for the day.
Today: Indian Stock Market to open positive with 10-40 points for Nifty. Market 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. Market would move further positive on the account of short covering after a overstretched downmove. FIIs were still a net sellers of Rs.671.06 crores whereas DIIs were net buyers of Rs.566.83 crores in Indian Stock Market on Monday. 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 closing levels and take decision for their trading. BankNifty would enter into negative trend, if it breaches levels of 15360 by closing on negative side. Till then BankNifty is in positive trend and one can go long with the given stoploss at closing basis. Indian Stock Market would see Strong support at 7820-7798-7754 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: (7884) The support for the Nifty is at 7820-7798-7754 and the resistance to the up move is at 7950-8000-8032 levels.
NSE BankNifty: (15677) The support for the BankNifty is at 15360-15160-15075 and the resistance to the up move is at 15880-16075 levels.
BSE Sensex: (26384) The support for the Sensex is at 26200-26075-25700 and the resistance to the up move is at 26550-26700-26900 levels.
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