Last Trading Session: Indian Stock Market opened flat for the day and huge volatility was seen in the market in last trading session as few major Indian companies disclosed their financial results. EquityPandit predicted breaching levels of 18900 for BankNifty would confirm trend reversal and traders can go short in BankNifty in that case and exactly same happened. Traders, who followed EquityPandit’s advice to go short in BankNifty below levels of 18900 might have earned good profits for the day. Sensex made highs right near EquityPandit’s predicted resistance levels of 28530 levels and fell down sharply from there. Nifty also saw highs right at EquityPandit’s predicted resistance levels of 8643 like a dot and fell down sharply. Finally, Indian Stock Market closed gap negative for the day.
Today: Indian Stock Market would open negative for the day. Technically, Indian Stock Market has entered into negative zone and traders should hold their short positions for now. But anyhow, BankNifty levels are capped at 18500 and it looks hard to breach those levels, so levels near 18500 would be the good levels to book profits in short positions. FIIs were net sellers after first time since July 13, 2015. FIIs were net sellers of Rs.226.88 crores whereas DIIs were net buyers of Rs.146.32 crores in last trading session. Nifty would see strong support at 8470-8450-8432 whereas strong resistance would be seen at 8600-8643-8670 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: BAJAJFINSV, BAJAJFINSV, CEATLTD, CONCOR, JSWENERGY, KINETICENG, KPIT, MUTHOOTFIN, NETWORK18, NOVARTIND, PVR, SKSMICRO, TATAMETALI, TEXRAIL, TV18BRDCST and UBL.
NSE Nifty: (8529) The support for the Nifty is 8470-8450-8432 and the resistance to the up move is at 8600-8643-8670 levels.
NSE BankNifty: (18723) The support for BankNifty is at 18533-18409-18289 and the resistance to the up move is at 18940-19020-19110 levels.
BSE Sensex: (28182) The support for the Sensex is at 28110-27986-27800 and the resistance to the up move is at 28360-28440-28530 levels.
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