Market Still Negative as of Now, Go Long Only if Nifty Closes Above 7620
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened gap negative with 95 points for Nifty and 250 points for Sensex. EquityPandit predicted that Market would see sharp downfall for the day and exactly same happened. Indian Stock Market opened gap negative and saw further downfall as predicted by EquityPandit. Traders, who followed EquityPandit’s advice day before yesterday to go short at every positive movement might have earned huge profits in last trading session. Nifty moved sharply positive from day lows but saw strong resistance right at EquityPandit’s predicted resistance levels of 7606 and fell down sharply from there. Finally, Indian Stock Market closed gap negative for the day.
Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still in negative zone. Market is not able to close below 7500 levels for Nifty. For now, Market would consolidate in the same range. Reversal in the Market would only be seen once BankNifty closes above 15870 levels, where Market would again enter into positive zone. 7500 levels are very important to watch out for Nifty and A sharp downfall would be seen if Nifty closes below 7500 levels. Nifty if closes above 7620 then it would enter into positive zone and traders can close all short positions and initiate fresh long positions in that case. But until then trade is in negative direction only. FIIs were net seller of Rs.1221.97 crores whereas DIIs were net buyers of 1526.22 crores in last trading session. Nifty would see strong support at 7500-7475-7443-7367 whereas strong resistance would be seen at 7606-7675-7755-7800 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: Hindustan Unilever, Indian Hotels, Network 18 media, NIIT Technologies, Oberoi Realty, Pipavav Defence, TV 18 Broadcast and Zee Entertainment.
NSE Nifty: (7537) The support for the Nifty is 7500-7475-7443-7367 and the resistance to the up move is at 7606-7675-7755-7800 levels.
NSE BankNifty: (15610) The support for BankNifty is at 15500-15420-15336-15200 and the resistance to the up move is at 15810-15954-16080-16164 levels.
BSE Sensex: (24773) The support for the Sensex is at 24644-24488-24380-24206 and the resistance to the up move is at 24880-24988-25082-25120 levels.
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