Sharp Profit Booking would be seen today
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened negative for the day. EquityPandit predicted that some profit booking can’t be ruled out but overall market is in positive zone and traders should hold long positions as of now and exactly same happened. Market saw profit booking in initial trading hours on Friday and then zoomed sharply to close gap positive for the day. Traders who followed EquityPandit’s advice to hold long positions might have earned huge profits for the day. Finally, Indian Stock Market closed positive for the day.
Today: Indian Stock Market would open gap negative. Analysis would still remain same and the positive trend is still intact. We would see some fresh breakout or breakdown in the market in upcoming days. For now, Nifty and BankNifty are in positive zone and traders should hold long positions until Nifty breaches levels of 7895 or BankNifty breaches levels of 16820 by closing. Sharp profit booking can’t be ruled out as of now. All PSU Banks are still in negative zone and they may drag BankNifty and Nifty into negative zone in upcoming days. FIIs were net buyers of Rs.228.11 crores whereas DIIs were net sellers of Rs.81.24 crores in last trading session. Nifty would see strong support at 7895-7850-7825-7775 whereas strong resistance would be seen at 7980-8005-8035-8050 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: (7963) The support for the Nifty is 7895-7850-7825-7775 and the resistance to the up move is at 7980-8005-8035 levels.
NSE BankNifty: (16922) The support for BankNifty is at 16840-16750-16650-16560 and the resistance to the up move is at 17111-17230-17305 levels.
BSE Sensex: (26161) The support for the Sensex is at 25950-25850-25688-25540 and the resistance to the up move is at 26200-26256-26431 levels.
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