Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened negative. EquityPandit predicted that Indian Stock Market is still in negative trend and now it looks that Nifty would break levels of 7958 for the first time in year 2015 and exactly same happened. Nifty moved sharply negative and saw lows at 7940. BankNifty also saw lows exactly in EquityPandit’s predicted support levels of 17200-17150. Finally, Market moved sharply positive from day lows as predicted by EquityPandit and closed flat with positive bias.
Today: Indian Stock Market to open flat with negative bias. Analysis would still remain same. Technically, Indian Stock Market is still in negative trend. Some consolidation would be seen with sideways movement. But if Nifty breaches lows of last trading session i.e. 7940 levels then we may see sharp downfall in the market and next target level would be 7800 for Nifty. Trade is still in short side for traders. If the trend continues then Nifty may see levels of 7800-7640 in days to come, only if 7940 levels are breached. BankNifty is completely open on the downside and has no major support nearby and hence BankNifty can be shorted at this point of time for higher profits. Some short-covering rally may be seen but it would still be temporary in nature as there is no strength seen in the trend. The biggest worry is the regular outflows seen by FIIs. FIIs were net sellers of Rs.670.96 crores whereas DIIs were buyers of Rs.705.58 crores in last trading session. Nifty would see strong support at 7940-7924-7877-7841 whereas strong resistance would be seen at 8052-8100-8200 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits. Click Here to Get Market Outlook for Nifty and all Major Indices this week.
NSE Nifty: (7983) The support for the Nifty is 7940-7924-7877-7841 and the resistance to the up move is at 8052-8100-8200 levels.
NSE BankNifty: (17524) The support for BankNifty is at 17330-17200-17150-16930 and the resistance to the up move is at 17745-17822 levels.
BSE Sensex: (26425) The support for the Sensex is at 26300-26220-26092-25910 and the resistance to the up move is at 26527-26625-26780 levels.
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