Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat. EquityPandit predicted that 8490 would act as major resistance for Nifty, breaching which, Nifty would see sharp positive movement but before that it would see some profit booking that would be a great opportunity for traders to go long and exactly same happened. Market gave the opportunity number of times. Nifty moved up sharply but saw strong resistance at EquityPandit’s predicted resistance levels at 8490 levels and fell down from there. BankNifty also saw highs right at EquityPandit’s predicted resistance levels of 18640 like a dot. Market fell down sharply from EquityPandit’s predicted resistance levels and Sensex saw lows right near EquityPandit’s predicted support levels of 27910. Finally, Indian Stock Market closed flat for the day.
Today: Indian Stock Market to open flat. Analysis would remain same. Market would still see sideways movement today and the actual movement would be seen in Indian Stock Market on Monday after Greece referendum. Greece woes still continues but Indian Stock Market has formed an Inverse head and shoulder pattern that is bullish in nature. Breaching the levels of 8490 for Nifty would confirm this bullish pattern and we can see much higher levels, may be 8700-8900 levels for Nifty. If it happens, BankNifty would be the major driving force in the positive side. Some profit booking can’t be ruled out but the trade is in the long side of the trend. Traders, who take long positions home are adviced to hedge the position with suitable put options to avoid any kind of risk as the referendum would be called on Sunday and the effect would be seen by gap up or gap down opening on Monday in Indian Stock Market. Breaching levels of 8414 by closing would be the first sign of weakness and the positive trend would be considered as a false trend if Nifty breaches the levels of 8300. FIIs were net buyers of Rs.575.32 crores whereas DIIs were net sellers of Rs.219.02 crores in last trading session. Nifty would see strong support at 8414-8400-8300 whereas strong resistance would be seen at 8490-8505-8567 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
NSE Nifty: (8445) The support for the Nifty is 8414-8400-8300 and the resistance to the up move is at 8490-8505-8567 levels.
NSE BankNifty: (18586) The support for BankNifty is at 18500-18460-18350-18260 and the resistance to the up move is at 18640-18752-18832 levels.
BSE Sensex: (27946) The support for the Sensex is at 27905-27780-27635 and the resistance to the up move is at 28100-18180-18300-18530 levels.
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