Last Trading Session: Indian Stock Market opened flat for the day. EquityPandit predicted that some short covering but overall market is in negative trend and traders should trade at every positive movement and exactly same happened. Indian Stock Market saw short covering but fell down sharply as predicted by EquityPandit. Nifty saw strong supports at EquityPandit’s predicted support levels of 8669. Sensex, bankNifty and Nifty remained rangebound between EquityPandit’s predicted support and resistance levels for the day. Finally, Indian Stock Market closed negative for the day.
Today: Indian Stock Market to open flat with positive bias. Analysis would remain same. Currently, Nifty and BankNifty are still into negative territory and now every positive movement is a selling opportunity for traders. Some short covering can’t be ruled out but Overall, Market is forming triple top pattern, which is a bearish pattern. Technically, 8669 levels are important levels for Nifty to watch out below which, Nifty would see further downfall. Furthermore, FII and DII were also sellers for yesterday, which again confirms negative trend in upcoming days. FIIs were net sellers of Rs.444.65 crores whereas DIIs were net sellers of Rs.338.96 crores on Wednesday. Nifty would see strong support at 8669-8592-8500 levels whereas strong resistance would be seen at 8780-8892-9000 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
NSE Nifty: (8700) The support for the Nifty is 8669-8592-8500 and the resistance to the up move is at 8780-8892-9000 levels.
NSE BankNifty: (19044) The support for BankNifty is at 18875-18740-18480 and the resistance to the up move is at 19270-19441-19550 levels.
BSE Sensex: (28659) The support for the Sensex is at 28580-28405-28180 and the resistance to the up move is at 28950-29060-29155 levels.
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