Market would see Positive Movement today, Downfall would again be seen at higher levels
Last Trading Session: Indian Stock Market opened positive for the day. EquityPandit predicted that market is still negative and traders should continue to hold short positions as of now. EquityPandit also predicted that Important level for now is 7500 for Nifty and Nifty needs to close below 7500 levels to see further breakdown and exactly same happened. Indian Stock Market opened positive but was not able to sustain higher levels and fell down sharply as per EquityPandit’s predictions. Traders, who followed EquityPandit’s advice to hold short positions might have earned huge profits for the day. Finally, Indian Stock Market closed gap negative for the day but just above EquityPandit’s important support levels of 7500 for Nifty.
Today: Indian Stock Market would open positive for the day. Technically, Analysis would still remain same and Indian Stock Market is still in negative zone. But Today, we may see some sharp short covering rally (Positive Rally) after couple of downfalls. Market would now move positive and then again see a downfall in upcoming days. Nifty needs to close below 7500 levels to see further breakdown. Traders should short at every positive movement in the market. If level of 7500 for Nifty is breached by closing, an another breakdown would be seen that may take Nifty to 7367-7200 levels. Traders should continue to hold short positions as of now. FIIs were net seller of Rs.540.99 crores whereas DIIs were net buyers of 141.25 crores in last trading session. Nifty would see strong support at 7500-7475-7367-7200 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: Everest Industries, Karur Vysaya Bank and RIIL.
NSE Nifty: (7510) The support for the Nifty is 7500-7475-7367-7200 and the resistance to the up move is at 7606-7675-7755-7800 levels.
NSE BankNifty: (15735) The support for BankNifty is at 15625-15500-15420-15336 and the resistance to the up move is at 15880-15954-16080-16164 levels.
BSE Sensex: (24682) The support for the Sensex is at 24644-24488-24206 and the resistance to the up move is at 24880-24988-25082-25120 levels.
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