Last Trading Session: Exactly, as predicted by EquityPandit, Indian Stock Market opened flat with positive bias. EquityPandit suggested for last 3 days that correction is pending in the market and market need to correct and see some profit booking before further positive movements and exactly same happeend. FIIs selling has signaled the downtrend yesterday.Nifty moved positive but saw strong resistance near EquityPandit’s predicted resistance levels of 8450 levels and saw strong profit booking from there drifting Nifty down to almost 100 points from day highs. Nifty saw lows right above EquityPandit’s predicted support levels of 8350. BankNifty also saw day highs right on EquityPandit’s predicted resistance levels of 17750 like a dot. BankNifty saw strong support at EquityPandit’s predicted support levels of 17540. Sensex also made record highs in early trade but saw strong resistance at EquityPandit’s predicted resistance levels of 28285. Finally, Indian Stock Market closed negative for the day.
Today: Indian Stock Market to open flat. Nifty to see further profit booking which is temporary in nature. Nifty, if closed below 8350 levels then can see further downtrend in days to come else it would resume its uptrend. FIIs were net buyers of Rs.71.80 crores whereas DIIs were net sellers of Rs.491.26 crores in Indian Stock Market on Wednesday. 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. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
NSE Nifty: (8382) The support for the Nifty is at 8350-8320-8290-8265 and the resistance to the up move is at 8425-8450-8465 levels.
NSE BankNifty: (17586) 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: (28033) The support for the Sensex is at 27920-27800-27740 and the resistance to the up move is at 28285-28370-28500 levels.
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