Market To See Breakout If Nifty Breaches 7730 and BankNifty Breaches 16000
Last Trading Session: Indian Stock Market opened flat for the day. Market remained highly rangebound due to very short week. Indian Stock Market fell down sharply and as EquityPandit predicted that the trade is to go long at dips, Indian Stock Market recovered sharply to close near to intraday highs. Traders, who followed EquityPandit’s advice might have earned good profits for the day. Sensex closed right below EquityPandit’s predicted resistance levels of 25342. Finally, Indian Stock Market closed flat for the day with some pressure on banking sector.
Today: Indian Stock Market would open flat for the day. Technically, Indian Stock Market is still in positive zone and traders should continue to hold long positions until Nifty holds 7600 levels. BankNifty is experiencing strong resistance at 16000 levels, breaching which, BankNifty would move forward to see targets of 16200-16500-16800 levels. Nifty would also see small breakout after breaching levels of 7730 which would take Nifty towards next target of 7780-7875 levels. Traders should still buy at dips. FIIs were again net buyers of Rs.976.91 crores whereas DIIs were net sellers of Rs.1022.58 crores in last trading session. Nifty would see strong support at 7650-7600-7564-7500 whereas strong resistance would be seen at 7730-7780-7855-7888 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: (7717) The support for the Nifty is 7650-7600-7564-7500 and the resistance to the up move is at 7730-7780-7855-7888 levels.
NSE BankNifty: (15888) The support for BankNifty is at 15800-15735-15660-15500 and the resistance to the up move is at 16020-16080-16156-16200 levels.
BSE Sensex: (24338) The support for the Sensex is at 25200-25110-25012-24950 and the resistance to the up move is at 25382-25572-25660-25831 levels.
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