Market To Open Gap Positive, Nifty Needs to Breach 7450 Levels to Enter Positive Zone
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened gap positive for the day with 68 points for Nifty, 130 points for Sensex and around 200 points for BankNifty. EquityPandit predicted that market would see short-covering (Positive rally) but traders should go short in the market until levels of 7500 are not breached for Nifty in positive direction and exactly same happened. Indian Stock Market opened gap positive as per EquityPandit’s prediction but was not able to sustain the higher levels and fell down sharply exactly as per EquityPandit’s predictions. Traders who followed EquityPandit’s advice to go short at positive movement might have earned huge profits for the day. Anyhow, Nifty manage to hold 7200 levels in the lower region and hence recovered from there but closed gap negative for the day. BankNifty was strong for the day backed with Axis Bank. BankNifty also saw strong resistance near EquityPandit’s predicted resistance levels of 15380 and fell down sharply from there. Sensex also closed right above EquityPandit’s predicted support levels of 23950. Finally, Indian Stock Market closed negative for the day whereas Banking sector saw strength and closed gap positive for the day.
Today: Indian Stock Market would open gap positive. Technically, Analysis would still remain same and Indian Stock Market is still in negative zone. Now, 7450 would be considered as level of reversal for Nifty. Market would see sharp short-covering (Positive rally) today but overall market would be considered as short on Rally until 7450 levels are not breached for Nifty in positive direction. 7200 is very important level to watch out for, on closing basis. Nifty if closes below 7200, then it would see sharp breakdown. If Market has to rebound from here then Nifty would have to remain above 7200 levels by closing. If Nifty continues to hold 7200 levels then we may see a sharp bounceback in days to come else Nifty would head towards 7100-7050-6900 levels. FIIs were net seller of Rs.1747.23 crores whereas DIIs were net buyers of 1267.74 crores in last trading session. Nifty would see strong support at 7224-7200-7100-7050 whereas strong resistance would be seen at 7325-7380-7450-7500 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: Atul Ltd, Cairn India, Coromandel, DB Corp, ITC, L&T Finance Holdings, Lakshmi Vilas Bank, Reliance Communication and SpiceJet.
NSE Nifty: (7277) The support for the Nifty is 7224-7200-7100-7050 and the resistance to the up move is at 7325-7380-7450-7500 levels.
NSE BankNifty: (15101) The support for BankNifty is at 14920-14825-14700-14621 and the resistance to the up move is at 15380-15520-15600 levels.
BSE Sensex: (23962) The support for the Sensex is at 23950-23835-23660-23500 and the resistance to the up move is at 24142-24220-24325-24580 levels.
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