Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat with just 7 points negative. EquityPandit predictet that negative trend is intact and we would see further downfall with target of 8593-8500 for Nifty and exactly same happened. Nifty moved sharply negative and achieved our target of 8593 levels which was also a breaking levels for Nifty. Breaching levels of 8593 forced Nifty to move sharply negative upto 8550 levels. Traders, who followed EquityPandit advice to go short might have earned huge profits for the day. Finally, Indian Stock Market closed gap negative for the day.
Today: Indian Stock Market to open flat with positive bias. Today, we could see some temporary short-covering (positive movement) in the market. Technically, Indian Stock Market is still in negative trend and we could see more downfall in days to come. Traders are suggested to continue or hold short positions and we could see target levels of 8500 in days to come. Traders should consider strict stoploss in the range of 8670-8700 levels for Nifty, which looks hard to break in upcoming days on closing basis. FIIs were net buyers of Rs.354.59 crores whereas DIIs were net sellers of Rs.219.20 crores on Friday. Nifty would see strong support at 8516-8500-8470 whereas strong resistance would be seen at 8630-8670-8700 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
NSE Nifty: (8571) The support for the Nifty is 8516-8500-8470 and the resistance to the up move is at 8630-8670-8700 levels.
NSE BankNifty: (18606) The support for BankNifty is at 18480-18375-18225 and the resistance to the up move is at 18780-18920-19075 levels.
BSE Sensex: (28261) The support for the Sensex is at 28180-28045-27760 and the resistance to the up move is at 28485-28580-28650 levels.
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