Market Would See Further Correction, Go Long Near Supports
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened positive. EquityPandit predicted that temporary correction would be seen in Indian Stock Market but traders should buy at dips and exactly same happened. Indian Stock Market fell down sharply after opening positive. Nifty saw highs right near EquityPandit’s predicted resistance levels of 7550 and fell down sharply to see lows near EquityPandit’s predicted support levels of 7440. Sensex and BankNifty also saw movement between EquityPandit’s predicted support and resistance levels. Finally, Indian Stock Market closed gap negative for the day.
Today: Indian Stock Market would open flat for the day. Technically, Indian Stock Market is still in positive zone but we would continue to see correction in the market. 7360 is important level for Nifty by closing, below which Nifty would again enter into negative zone. BankNifty, may again become weak, if not able to hold 15000 levels. BankNifty would enter into negative zone, if it closes below 14850 levels. Traders should wait for some correction and go long just near EquityPandit’s predicted support levels with small stoploss. Traders can initiate fresh short positions, if Nifty closes below 7360 and BankNifty closes below 14850 levels. FIIs are continuous buyers in Indian Stock Market and it is a good sign for the market. FIIs were again net buyers of Rs.1063.11 crores whereas DIIs were net sellers of Rs.598.03 crores in last trading session. Nifty would see strong support at 7440-7400-7367-7330 whereas strong resistance would be seen at 7500-7550-7620-7663 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: (7486) The support for the Nifty is 7440-7400-7367-7330 and the resistance to the up move is at 7500-7550-7620-7663 levels.
NSE BankNifty: (15181) The support for BankNifty is at 15060-15000-14920-14850 and the resistance to the up move is at 15380-15520-15600 levels.
BSE Sensex: (24623) The support for the Sensex is at 24488-24380-24200 and the resistance to the up move is at 24820-24915-24988-25060 levels.
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