Last Trading Session: Indian Stock Market opened gap positive as loose cigarette ban on ITC was postponed. Nifty moved sharply positive and saw highs right near EquityPandit’s predicted resistance levels of 8620. Nifty and BankNifty saw record highs today. Sensex also closed just below EquityPandit’s predicted resistance levels of 28580. Finally, Indian Stock Market closed positive for the day with BankNifty leading the market as predicted by EquityPandit.
Today: Indian Stock Market to open positive with 5-20 points for Nifty. Analysis would still remain same. Indian Stock Market would see sideways movement in a rangebound region. Trend is still positive with BankNifty leading the pack. We can see some profit booking (negative movements) in days to come. But weakness is not seen as of now in Indian Stock Market and traders should trade with the market flow which is positive. FIIs were net buyers of Rs.474 crores whereas DIIs were net sellers of Rs.585.98 crores on Thursday. Nifty would see strong support at 8500-8430-8400 levels whereas strong resistance would be seen at 8630-8665-8750 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
NSE Nifty: (8564) The support for the Nifty is at 8500-8430-8400 and the resistance to the up move is at 8630-8665-8750 levels.
NSE BankNifty: (18783) The support for the BankNifty is at 18560-18500-18340 and the resistance to the up move is at 18800-18880-19000 levels.
BSE Sensex: (28563) The support for the Sensex is at 28450-28300-28230 and the resistance to the up move is at 28580-28720-28840 levels.
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