Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened positive for the day. EquityPandit predicted that Nifty is in negative trend and breaching levels of 7931, it would enter into positive zone whereas Bank Nifty is already in positive zone. EquityPandit also predicted that overall trend looks positive for Indian Stock Market and exactly same happened. Nifty sharply recovered as it was discounted and entered into positive territory. BankNifty remained sluggish for the whole day. Finally, Indian Stock Market closed positive for the day.
Today: Indian Stock Market would open positive. Technically, now Nifty has also entered into positive zone. Breaching levels of 8050 for Nifty would confirm an Inverse Head and Shoulder pattern that is bullish in nature and if it happens, it would push Nifty to 8350 levels. Traders should trade long but with a caution. Surprisingly, Axis Bank and ICICI Bank, that are the major components of Bank Nifty has entered into negative zone today. So, traders should put a strict stoploss of 16953 levels for Bank Nifty, breaching which traders can undoubtedly go short in the market. For now, the trade is in long direction with strict stoploss. FIIs were net buyers of Rs.116.08 crores whereas DIIs were net sellers of Rs.191.78 crores in last trading session. Nifty would see strong support at 7860-7785-7736-7678 whereas strong resistance would be seen at 7980-8000-8021-8055 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: (7949) The support for the Nifty is 7860-7785-7736-7678 and the resistance to the up move is at 7980-8000-8021-8055 levels.
NSE BankNifty: (17216) The support for BankNifty is at 16953-16875-16780-16680 and the resistance to the up move is at 17354-17450-17570-17660 levels.
BSE Sensex: (26155) The support for the Sensex is at 25918-25725-25530 and the resistance to the up move is at 26340-26471-26687 levels.
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