Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat with 2 points positive for Nifty. EquityPandit predicted that market is in positive zone but Yuan fears may force Indian Stock Market to see some profit booking and exacty same happened. Nifty opened flat and saw strong resistance exactly near EquityPandit’s predicted resistance levels of 8530 levels. Nifty fell down sharply from there and saw lows right near EquityPandit’s predicted support levels of 8430. BankNifty and Sensex consolidated between EquityPandit’s predicted support and resistance levels for the day. Finally, Indian Stock Market closed marginally positive for the day whereas BankNifty closed negative for the day.
Today: Indian Stock Market would open negative. Indian Stock Market is still in positive zone but profit booking can’t be ruled out. Now market is looking for a breakout or a breakdown from the current range after a long consolidation. Breaching levels of 8530 for Nifty would force market to see a sharp breakout wheras breaching levels of 8420 for Nifty would force market to see a sharp breakdown on intraday basis. Traders should wait for the range to be breach before taking further trading actions. FIIs were net sellers of Rs.423.72 crores whereas DIIs were net buyers of Rs.383.32 crores in last trading session. Nifty would see strong support at 8430-8380-8335 whereas strong resistance would be seen at 8530-8561-8616-8655 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
NSE Nifty: (8495) The support for the Nifty is 8430-8380-8335-8286 and the resistance to the up move is at 8531-8561-8616-8655 levels.
NSE BankNifty: (18703) The support for BankNifty is at 18580-18449-18300 and the resistance to the up move is at 18940-19067-19230 levels.
BSE Sensex: (27932) The support for the Sensex is at 27735-27640-27475 and the resistance to the up move is at 28100-28162-28265-28550 levels.
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