Analysis Remains Same, Go short in Nifty until it breaches 7500 levels
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened positive for the day. EquityPandit predicted that market would see some temporary bounceback. EquityPandit also suggested traders to go short at every positive movement in Market and today they would get chance to book huge profits. Indian Stock Market saw sharp bounceback today. Market continued positive movement throughout the day but was not able to breach levels of 7500 for Nifty. Finally, Nifty closed gap positive just below EquityPandit’s predicted resistance levels of 7438 like a dot.
Today: Indian Stock Market would open gap negative. Traders, who went short at yesterday’s positive movement on EquityPandit’s suggestion would get good chance today to book huge profits. Technically, Indian Stock Market is still in negative zone. Nifty needs to breach levels of 7500 to see strength in the trend until then market would be weak and can again fall anytime. Indian Stock Market would see further downfall in days to come and next target for Nifty would be 7312 levels. Traders should hold short positions as of now and investors can start accumulating stocks in small-small quantity at this point of time as currently stocks are available at huge discounts. The major support for Nifty is at 7200-7100, so probably, we may see bottom at those levels from where a strong reversal is expected as of now. FIIs were net seller of Rs.857.7 crores whereas DIIs were net buyers of 1386.83 crores in last trading session. Nifty would see strong support at 7350-7302-7224-7200 whereas strong resistance would be seen at 7480-7500-7567-7606 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
Important Results to be disclosed today: Axis Bank, BPCL, DHFL, Indiabulls Housing Finance, JSW Energy, Reliance Infrastructure, South Indian Bank, Tata Elxsi, Tata Sponge and Ultratech Cement.
NSE Nifty: (7438) The support for the Nifty is 7350-7302-7224-7200 and the resistance to the up move is at 7480-7500-7567-7606 levels.
NSE BankNifty: (15270) The support for BankNifty is at 15130-14950-14825-14700 and the resistance to the up move is at 15380-15520-15600-15650 levels.
BSE Sensex: (24480) The support for the Sensex is at 24245-24156-24080-23950 and the resistance to the up move is at 24580-24660-24786 levels.
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