Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened 22 points negative for Nifty. Nifty recovered from day lows on short covering but remained flat for the day. Sensex saw lows right on EquityPandit’s predicted support levels of 27720 and highs right below EquityPandit’s predicted resistance levels of 27920 like a dot. Finally, Indian Stock Market closed positive for the day.
Today: Indian Stock Market to open negative with 10-30 points for Nifty. Analysis would remain same. Any positive movement would be temporary in nature and would be just a short-covering. Overall, Indian Stock Market is still in negative trend, where traders can short Nifty and BankNifty. Further correction would be seen in the market in days to come. 8290 would be the last support for reversal, below which Nifty would see a sharp negative movement. FIIs were net buyers of Rs.5.39 crores whereas DIIs were net sellers of Rs.519.0 on Wednesday. Nifty would see strong support at 8291-8220-8197 levels whereas strong resistance would be seen at 8400-8450-8500 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
NSE Nifty: (8356) The support for the Nifty is at 8291-8240-8197 and the resistance to the up move is at 8400-8450-8500 levels.
NSE BankNifty: (18463) The support for the BankNifty is at 18180-18000-17920 and the resistance to the up move is at 18590-18660-18790 levels.
BSE Sensex: (27831) The support for the Sensex is at 27720-27600-27440 and the resistance to the up move is at 27920-28000-28160 levels.
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