Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat with positive bias. Equitypandit predicted that market is still in positive momentum and traders should go long at every dip. EquityPandit also predicted that some profit booking would definitely be seen but it would be an opportunity for traders to go long in the market and exactly same happened. Indian Stock Market moved positive but lacked momentum at higher levels. Finally, Nifty saw a sharp profit booking as predicted by Equitypandit and saw lows exactly near EquityPandit’s predicted support levels of 8332 for Nifty like a dot. Finally, Indian Stock Market closed negative for the day.
Today: Indian Stock Market to open negative. Technically, analysis would still remain same. Nifty and BankNifty are still in positive trend. Now, 18500 levels for BankNifty needs to be broken to push Nifty and BankNifty forward. If 18500 levels breaks for BankNifty then we may see a long positive trend. But if BankNifty doesn’t breaches the levels of 18500 in upcoming session then we would see sharp downfall in days to come. Probability is that Market may breach the levels of 18500 for Nifty to see a sharp positive trend in upcoming days and for that few reforms are required by government of India. EquityPandit also expects that some joint session may be called by Finance Minister to pass Land Bill and/or GST Bill and if so happens, we would see the new highs in Indian Market as Indian market is waiting for some strong decisions to be taken by the government. All Global markets are seeing new record highs cyclically and now, its Indian market’s turn but some reforms needs to be taken by the government to support the positive movement in the market. FIIs were net buyers of Rs.92.57 crores whereas DIIs were net buyers of Rs.13.52 crores in last trading session. Nifty would see strong support at 8332-8260-8200 whereas strong resistance would be seen at 8446-8490 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: (8361) The support for the Nifty is 8320-8260-8200 and the resistance to the up move is at 8446-8490 levels.
NSE BankNifty: (18366) The support for BankNifty is at 18260-18160-18060 and the resistance to the up move is at 18500-18640-18756 levels.
BSE Sensex: (27729) The support for the Sensex is at 27614-27568-27450 and the resistance to the up move is at 27950-28071 levels.
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