Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat. EquityPandit predicted that Bank Nifty is in positive zone but Nifty needs to breach levels of 7850 by closing to come into positive zone and if it would not be able to do so then it would bull down Bank Nifty into negative zone again where sharp down fall would be seen in the market and exactly same happened. Nifty saw strong resistance at EquityPandit’s predicted resistance levels of 7850 and fell down sharply from there. Bank Nifty followed Nifty and fell down even more sharply. Finally, Nifty fell down sharply and closed just above EquityPandit’s predicted support levels of 7730 like a dot.
Today: Indian Stock Market would open gap positive with 40-80 points for Nifty and 100-200 points for Sensex. Technically, Bank Nifty has again entered into negative zone and Nifty was still in negative zone. There would be some sharp short covering (positive movement) seen in the market, today but the only strategy at this point of time is going short at every positive movement in the market until Nifty and Bank Nifty are in negative zone. Market would continue to see a roller coaster movement and hover in the same range until next week when Parliament session would start to discuss the GST bill. We would witness a cyclic movement, where one positive day and other negative. Fresh direction would depend on the passing of the bill. For now, technical indicators are negative and worse is yet to come. Breaching levels of 7715 would force Nifty to see levels of 7600 and even 7500 at some point of time. FIIs were net sellers of Rs.768.46 crores whereas DIIs were net buyers of Rs.759.26 crores in last trading session. Nifty would see strong support at 7715-7680-7600 whereas strong resistance would be seen at 7775-7820-7850-7880 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
Click Here to Check the Trend Of Major Indices and Stocks
NSE Nifty: (7732) The support for the Nifty is 7715-7680-7600 and the resistance to the up move is at 7775-7820-7850-7880 levels.
NSE BankNifty: (17140) The support for BankNifty is at 17080-16960-16875-16750 and the resistance to the up move is at 17240-17480-17570 levels.
BSE Sensex: (25482) The support for the Sensex is at 25450-25380-25110 and the resistance to the up move is at 25640-25785-25890-25950 levels.
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