Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat with positive bias. EquityPandit predicted that some short covering (positive movement) can be seen but overall market direction is still negative with strong support of 8516 levels for Nifty and traders should still go short at higher levels or maintain short positions in the market and exactly same happened. Indian Stock Market saw sharp downfall. Nifty saw lows right at EquityPandit’s predicted support levels of 8516 like a dot. Sensex also saw lows near EquityPandit’s predicted support levels of 28045 levels. Finally, Indian Stock Market closed negative for the day.
Today: Indian Stock Market to open gap negative. Technically, analysis would still remain same and Indian Stock Market is still in negative trend hence we could see more downfall in days to come. Now, we are heading F&O Expiry for this month and we could see sharp volatility in the market with some temporary short covering (positive movement) but trade is in negative direction only. Traders are suggested to continue or hold short positions and we could see target levels of 8500-8470 in days to come. Traders should consider strict stoploss at 8605 levels for Nifty. FIIs were net buyers of Rs.813.19 crores whereas DIIs were net buyers of Rs.96.52 crores on Wednesday. Nifty would see strong support at 8500-8470-8430 whereas strong resistance would be seen at 8605-8630-8670 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
NSE Nifty: (8531) The support for the Nifty is 8500-8470-8430 and the resistance to the up move is at 8605-8630-8670 levels.
NSE BankNifty: (18310) The support for BankNifty is at 18225-18140-18045-17775 and the resistance to the up move is at 18595-18690-18780 levels.
BSE Sensex: (28112) The support for the Sensex is at 28045-27920-27760 and the resistance to the up move is at 28385-28460-28580-28650 levels.
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