Last Trading Session: Indian Stock Market opened flat for the day. EquityPandit predicted that market would see further downfall and traders should go short in the market at this point of time. Finally, Indian Stock Market closed negative for the day whereas BankNifty closed positive on account of all-time-low WPI Inflation data.
Today: Indian Stock Market to open gap positive with 25-60 points for Nifty. Now, we can see some correction (positive movement) in the market. Overall, Nifty is still in negative territory and we can see reversal only if it breaches levels of 8860 on the positive side. If Nifty is not able to breach levels of 8735 on closing basis then we could see further downfall to 8593-8500 levels for Nifty. FIIs were net sellers of Rs.762.55 crores whereas DIIs were net buyers of Rs.158.65 crores on Monday. Nifty would see strong support at 8593-8500-8470 whereas strong resistance would be seen at 8700-8735-8860 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
NSE Nifty: (8633) The support for the Nifty is 8593-8500-8470 and the resistance to the up move is at 8700-8735-8860 levels.
NSE BankNifty: (18838) The support for BankNifty is at 18680-18440-18380 and the resistance to the up move is at 18960-19070-19380 levels.
BSE Sensex: (28438) The support for the Sensex is at 28380-28185-28040 and the resistance to the up move is at 28680-28840-29120 levels.
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