Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened negative. EquityPandit predicted that Nifty may see some short covering rally but 8630 would act as strong resistance for Nifty that looks hard to breach but overall market direction is negative and traders should go short at every positive movement in the market and exactly same happened. Nifty saw sharp positive movement but saw highs right at EquityPandit’s predicted resistance levels of 8630 levels like a dot. Nifty was not able to breach EquityPandit’s predicted resistance levels and fell down sharply to close in negative region.
Today: Indian Stock Market to open flat with positive bias. Technically, analysis would 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 8630 levels for Nifty, which looks hard to break in upcoming days on closing basis. FIIs were net buyers of Rs.737.86 crores whereas DIIs were net sellers of Rs.631.67 crores on Tuesday. Nifty would see strong support at 8516-8500-8470-8430 whereas strong resistance would be seen at 8630-8645-8670 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
NSE Nifty: (8543) The support for the Nifty is 8516-8500-8470-8430 and the resistance to the up move is at 8630-8645-8670 levels.
NSE BankNifty: (18331) 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: (28162) 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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