Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat with negative day. EquityPandit predicted that Indian Stock Market is still in negative zone but market would consolidate in a rangebound region until Bihar Poll Results are disclosed. EquityPandit also predicted that Nifty would see strong support at 8000 levels and closing below 8000 levels for Nifty, would only confirm the further downfall and exactly same happened. Market saw lows right near EquityPandit’s predicted support levels of 8000 for Nifty and 26375 levels for Sensex. Nifty saw sideways movement for the whole day and finally closed flat with negative bias. EquityPandit also predicted that Bank Nifty looks stronger than Nifty and would definitely perform better than Nifty. EquityPandit predicted that traders should go short in Nifty and long in Bank Nifty to reduce risk and earn profits and exactly same happened. Traders, who followed EquityPandit’s hedging strategy might have earned good profits for the day. Finally, Nifty closed right on EquityPandit’s support levels of 8050 like a dot.
Today: Indian Stock Market would open positive. Technically, Indian Stock Market is still in negative zone but some positive movement can be seen at this point of time. Analysis would remain same for now. Closing below 8000 levels for Nifty would increase problems for Indian Stock Market and we could witness sharp down fall in that case. But now, some short covering can’t be ruled out. Now the major event that would decide the further market direction is Bihar Poll Results. Till then market would see sideways movement in a rangebound region and would see sector specific movement. Market would see major movement on Friday, November 06, 2015 based on Poll results predictions. A breakout or breakdown would be seen post Poll results on Monday, November 09, 2015. Traders should trade in small quantity until then, to avoid any type of risk. Bank Nifty still looks stronger then Nifty and would definitely perform better than Nifty. One can go short in Nifty and long in Bank Nifty for low risk and good profits. FIIs were net sellers of Rs.272.67 crores whereas DIIs were net buyers of Rs.145.38 crores in last trading session. Nifty would see strong support at 8050-8000-7980-7950 whereas strong resistance would be seen at 8120-8150-8180-8210 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
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Important Results to be disclosed today: ABB, Adani Power, Balrampur Chini, Berger Paints, Bombay Dyeing, Chambal Fertilizer, DLF, Financial Technologies, Gail, Hexaware, IOC, Mcleod Russel, NESCO, PFC, Powergrid, PTC, PVR, Reliance Power and Tech mahindra.
NSE Nifty: (8051) The support for the Nifty is 8050-8000-7980-7950 and the resistance to the up move is at 8120-8150-8180-8210 levels.
NSE BankNifty: (17340) The support for BankNifty is at 17060-16953-16875-16780 and the resistance to the up move is at 17450-17570-17660 levels.
BSE Sensex: (26559) The support for the Sensex is at 26375-26300-26215 and the resistance to the up move is at 27950-27060-27165-27445 levels.
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