Last Trading Session: Indian Stock Market opened positive. EquityPandit predicted that Indian Stock Market would see futher profit booking but that would be temporary in nature and if it holds 8350 levels for Nifty then it would resume its uptrend and exactly same happened. Nifty saw lows right on EquityPandit’s predicted support levels of 8350 like a dot. Nifty moved sharply higher from day lows and saw resistance right on EquityPandit’s predicted resistance levels of 8425. Traders, who followed EquityPandit’s advice to go long might have earned decent profits for the day. Sensex also saw lows right on EquityPandit’s predicted support levels of 27920 like a dot. BankNifty also saw lows right on EquityPandit’s predicted support levels of 17540 like a dot. Finally, Indian Stock Market closed positive for the day.
Today: Indian Stock Market to open flat. Nifty would see sideways movement in a rangebound region. Nifty may see some further profit booking and if it closes below 8350 levels then can see further sharp downtrend can be seen in days to come else it would resume its uptrend. Unfavorably, FIIs were net sellers of Rs.477.15 crores whereas DIIs were net buyers of Rs.101.62 crores in Indian Stock Market on Thursday. Nifty would see strong support at 8350-8320-8290-8265 levels whereas strong resistance would be seen at 8425-8450-8465 levels. Traders can trade long until Nifty holds 8290 levels, below which shorting can be initiated. One can go short in BankNifty futures if it closes below 17500 levels. Nifty can be shorted below 8350 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
NSE Nifty: (8402) The support for the Nifty is at 8350-8320-8290-8265 and the resistance to the up move is at 8420-8450-8465 levels.
NSE BankNifty: (17645) The support for the BankNifty is at 17540-17470-17380 and the resistance to the up move is at 17750-17840-18000 levels.
BSE Sensex: (28068) The support for the Sensex is at 27920-27800-27740 and the resistance to the up move is at 28120-28285-28370 levels.
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