Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened gap positive. EquityPandit predicted that if Nifty closes above 8860 and BankNifty above 19560 spot levels then we could see new record highs but Nifty and BankNifty were not able to do so and a sharp downfall was seen in the market and all indices breached the support levels as they were not able to go beyond EquityPandit’s predicted breakout levels. Finally, Indian Stock Market closed gap negative for the day.
Today: Indian Stock Market to open gap negative for the day. Now, Nifty has confirmed breakdown from small Head and Shoulder pattern and we could see further downtrend in the market. Traders are suggested to go short in the market. Out next targets for Nifty would be 8593-8500 levels. Breaching 8500 levels for Nifty would take it sharply down to 8320 levels. The trend reversal would take place only if Nifty breaches levels of 8860 on the positive side. FIIs were net buyers of Rs.66.98 crores whereas DIIs were net sellers of Rs.71.55 crores on Friday. Nifty would see strong support at 8593-8500-8470 whereas strong resistance would be seen at 8700-8750-8860 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
NSE Nifty: (8648) The support for the Nifty is 8593-8500-8470 and the resistance to the up move is at 8700-8750-8860 levels.
NSE BankNifty: (18780) The support for BankNifty is at 18440-18380-18220 and the resistance to the up move is at 18960-19070-19380 levels.
BSE Sensex: (28503) The support for the Sensex is at 28185-28040-27870 and the resistance to the up move is at 28680-28840-29120 levels.
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