Positive Movement Would Be Seen Today but Overall Market Negative Until Nifty Breaches 7500 levels
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened gap negative for the day. EquityPandit predicted that market is still in negative zone and traders should continue to hold short positions as of now. EquityPandit also predicted that its target of 7312 for Nifty would achieve now and exaclty same happened. Nifty moved sharply negative and achieved EquityPandit’s predicted targets of 7312. Traders, who followed EquityPandit’s advice might have earned whooping profits for the day. Nifty saw strong supports near Equitypandit predicted support levels of 7224 and rebounded from there. Finally, Nifty closed right above EquityPandit’s predicted support levels of 7302 but gap negative for the day.
Today: Indian Stock Market would open gap positive. Technically, Indian Stock Market is still in negative zone. Crude downfall is a big concern to Global Market. Today, Market would see short-covering (Positive rally) but overall market would be considered as short on Rally until 7500 levels are not breached for Nifty in positive direction. Now 7200 is very important level to watch out for, on closing basis. Nifty if closes below 7200, then it would see sharp breakdown. Nifty would hover around 7200 levels. 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.1324.69 crores whereas DIIs were net buyers of 1383.14 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: Biocon, Chambal Fertilizers, Exide Industries, GSFC, Hindustan Zinc, Idea, Indiabulls Real Estate, M&M Financial Services, Raymond, Reliance Capital and VST Industries.
NSE Nifty: (7309) 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: (14936) The support for BankNifty is at 14825-14700-14621-14406 and the resistance to the up move is at 15060-15380-15520-15600 levels.
BSE Sensex: (24062) 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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