Last Trading Session: Indian Stock Market opened flat for the day. EquityPandit predicted that Technically, Indian Stock Market is in negative trend and traders should go short at every positive movement in the market as bulls are looking weaker this time and exactly same happened. Nifty fell down sharply and closed below EquityPandit’s support of 8060 levels. EquityPandit adviced traders that some short covering can’t be ruled out but overall, the trade is in sell side. Traders, who followed EquityPandit’s advice to go short might have earned huge profits for the day. Finally, Indian Stock Market closed negative for the day.
Today: Indian Stock Market to open flat. Technically, Indian Stock Market is still in negative trend and traders should go short at every positive movement in the market. Now 7960 would be last support for Nifty and breaching which, Nifty would see sharp downfall. But anyhow, today it looks hard to breach those levels and we can see some short-covering rally that would be temporary in nature. Overall, Nifty would see sideways movement for now. The biggest worry is the regular outflows seen by FIIs. FIIs were net sellers of Rs.749.12 crores whereas DIIs were buyers of Rs.529.82 crores in last trading session. Nifty would see strong support at 8100-8060-7960 whereas strong resistance would be seen at 8200-8235-8270 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
NSE Nifty: (8044) The support for the Nifty is 7997-7960 and the resistance to the up move is at 8130-8200-8235 levels.
NSE BankNifty: (17433) The support for BankNifty is at 17350-17245-17000 and the resistance to the up move is at 17600-17790-17980 levels.
BSE Sensex: (26523) The support for the Sensex is at 26420-26000 and the resistance to the up move is at 26820-26960-27015 levels.
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