Last Trading Session: Exactly as per EquityPandit’s predictions, Nifty opened flat with negative bias. Nifty saw some more correction as per EquityPandit’s predictions. EquityPandit predicted that Nifty has not entered into negative zone and hence can see some short covering from day lows and exactly same happened. Market remained rangebound with huge volatility between EquityPandit’s predicted support and resistance levels of 8420 and 8520 respectively. Sensex also saw lows right near EquityPandit’s predicted support levels of 28230 levels. Finally, Nifty and BankNifty has seen positive closing for the day.
Today: Indian Stock Market to open flat to positive. Now We have entered F&O Expiry day and hence huge volatilty in rangebound region would be seen. Traders can consider levels of 8420-8350 as a strong support and crucial levels for Nifty. Nifty has still not entered into the negative zone and hence some shortcovering from day lows. BankNifty has entered into negative zone but few banks like HDFC, SBI, Axisbank are still in positive region and hence this can be a fake breakdown, which can be confirmed in a day or two. If these three banks closes in deep negative region then it would support BankNifty downtrend and we would see a sharp fall for few days in BankNifty. Favourably, FIIs were net buyers of Rs.181.46 crores whereas DIIs were net sellers of Rs.314.64 crores in Indian Stock Market on Wednesday. Nifty would see strong support at 8420-8400-8350 levels whereas strong resistance would be seen at 8520-8550-8617 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
NSE Nifty: (8476) The support for the Nifty is at 8420-8400-8350 and the resistance to the up move is at 8520-8550-8617 levels.
NSE BankNifty: (17976) The support for the BankNifty is at 17920-17890-17740 and the resistance to the up move is at 18130-18260-18350 levels.
BSE Sensex: (28386) The support for the Sensex is at 28230-28120-28000 and the resistance to the up move is at 28540-28660-28720 levels.
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