Last Trading Session: Indian Stock Market opened flat with positive bias. EquityPandit predicted that market is still in positive trend but Nifty may see strong resistance at 8637 levels and exactly same happened. Indian Stock Market moved up sharply but saw strong resistance near EquityPandit’s predicted resistance levels of 8637 and fell down sharply from there. Finally, Market closed flat for the day.
Today: Indian Stock Market to open flat with positive bias. Technically, Analysis would still remain same and Market is still in positive trend. Now market may consolidate in a rangebound region and may see some choppiness. The major trendline of resistance for Nifty is at 8800 and BankNifty is at 19400. Nifty if ends this month above 8800 then we could see a sharp bull trend in months to come that may take Indian Market to new highs. Traders can continue to hold long positions but can remain cautious near 8800 levels for Nifty and 19400-19500 levels for BankNifty because there is a some probability of short-term reversal from those levels. If Government pushes some reforms in days to come then it would add fuel to the positive fire in the market and we could see new highs in days to come. FIIs were net buyers of Rs.605.56 crores whereas DIIs were net sellers of Rs.175.15 crores in last trading session. Nifty would see strong support at 8570-8540-8470 whereas strong resistance would be seen at 8643-8710-8741 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
Click Here to Read Nifty and Major Stocks Outlook for This Week
Important Results To Be Declared Today: HINDZINC, LICHSGFIN, SASKEN, TATACOFFEE, ULTRACEMCO and WELSPUNIND.
NSE Nifty: (8610) The support for the Nifty is 8570-8540-8470 and the resistance to the up move is at 8643-8710-8741 levels.
NSE BankNifty: (19095) The support for BankNifty is at 19020-18984-18865 and the resistance to the up move is at 19376-19440-19535 levels.
BSE Sensex: (28463) The support for the Sensex is at 28325-28245-28080 and the resistance to the up move is at 28530-28641-28765 levels.
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