Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened opened 37 points positive for Nifty. EquityPandit predicted that Nifty needs to close above 8092 levels to come into positive trend and would see strong intraday resistance at 8100-8142 levels and exactly same happened. Indian Stock Market moved sharply positive but was not able to cross EquityPandit’s predicted resistance levels of 8100 for the first half session. Later, Nifty breached those levels with volumes but saw strong resistance near EquityPandit’s predicted second resistance levels of 8142. Finally, Nifty closed right below EquityPandit’s trend reversal level of 8092 like a dot.
Today: Indian Stock Market to open flat. Nifty just missed EquityPandit closing levels of 8092 and hence Indian Stock Market has still not entered into positive trend. Nifty and BankNifty would enter positive trend if they close above 8092 and 17740 respectively. And if so happens, traders can go long in Nifty and BankNifty. Today, Nifty may enter into positive trend today, but BankNifty needs to perform for Nifty to sustain the positive trend. FIIs are still selling in Indian Markets and has already seen outflows of Rs.6484.19 crores in last 17 days. FIIs were still huge net sellers of Rs.940.91 crores whereas DIIs were buyers of Rs.1447.07 crores in last trading session. Nifty would see strong support at 8048-7997-7940 whereas strong resistance would be seen at 8142-8165-8200 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: (8092) The support for the Nifty is 8048-7997-7940 and the resistance to the up move is at 8142-8165-8200 levels.
NSE BankNifty: (17584) The support for BankNifty is at 17470-17330-17200 and the resistance to the up move is at 17745-17822-17980 levels.
BSE Sensex: (26833) The support for the Sensex is at 26720-26540-26300 and the resistance to the up move is at 26940-27030-27195 levels.
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