Last Trading Session: Indian Stock Market opened flat for the day. EquityPandit predicted that market would see some volatility but would wait till Tuesday for further movement until RBI Credit Policy and exactly same happened. Market was lack lusture without any movement for the whole trading session. Sensex saw strong resistance near EquityPandit’s predicted resistance levels of 25950. In the end market fell down sharply. Nifty saw lows right at EquityPandit’s predicted support levels of 7785 like a dot. BankNifty also saw lows right near EquityPandit’s predicted support levels of 17060. Finally, Indian Stock Market closed negative for the day.
Today: Indian Stock Market would open gap negative with 50-100 points for Nifty. Today, Indian Stock Market would see huge volatility as RBI Credit Policy would be disclosed at 11 AM. EquityPandit expects 25bps rate cut by RBI and it is already discounted in the market. If it happens, we may see a very small positive movement and then again market would consolidated. Yes, if fortunately RBI cuts 50 bps then we would see sharp jump in the market and Nifty may cross levels of 8000 in that case. No Rate Cut would definitely force Nifty to see sharp breakdown. Nifty is currently in negative zone but Bank Nifty is still strong for now and yet in positive zone. Traders should wait for RBI to disclose its credit policy and act as suggested by EquityPandit. Bank Nifty would enter into negative zone once it breaches levels of 16975 by closing and if it happened, we would see new 52 week lows in Nifty. FIIs were net sellers of Rs.650.01 crores whereas DIIs were net buyers of Rs.505.59 crores in last trading session. Nifty would see strong support at 7785-7736-7678-7625 whereas strong resistance would be seen at 7895-7930-8000-8021 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: (7796) The support for the Nifty is 7785-7736-7678-7625 and the resistance to the up move is at 7895-7930-8000-8021 levels.
NSE BankNifty: (17100) The support for BankNifty is at 16875-16780-16680-16436 and the resistance to the up move is at 17354-17570-17660-17850 levels.
BSE Sensex: (25617) The support for the Sensex is at 25530-25395-25287-25118 and the resistance to the up move is at 25820-25950-26040-26340 levels.
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