Some Profit Booking Would Be Seen, Traders Should Buy At Dips
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat with positive bias. EquityPandit predicted that market is still in positive zone and traders should go long at every dip in the market. EquityPandit also predicted that Nifty would see strong resistance at 7505 levels and exactly same happened. Nifty opened flat and saw highs right at EquityPandit’s predicted resistance levels of 7505 like a dot. Finally, Nifty achieved EquityPandit’s predicted targets of 7500. BankNifty also saw lows right at EquityPandit’s predicted support levels of 15000 like a dot. Finally, Indian Stock Market closed positive for the day.
Today: Indian Stock Market would open flat for the day. Technically, Indian Stock Market is still in positive zone. Some profit booking (Negative movement) can’t be ruled out at this point of time but overall market is in positive momentum. Now, Nifty needs to breach levels of 7520 by closing to see another positive breakout. Now 7335 is important closing level for Nifty below which Nifty may enter into negative zone. traders can continue to go long at dips or hold long positions until 7335 is taken out on the negative side. Pharma sector is yet to perform and looks like pharma would see momentum in upcoming days. FIIs were huge buyers into Indian Stock Market for consecutive 4 days for the first time in last 4 months and that’s the good sign for Indian Stock Market. FIIs were again net buyers of Rs.671.57 crores whereas DIIs were net sellers of Rs.533.10 crores in last trading session. Nifty would see strong support at 7400-7367-7330-7308 whereas strong resistance would be seen at 7520-7620-7663-7700 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: (7485) The support for the Nifty is 7400-7367-7330-7308 and the resistance to the up move is at 7520-7620-7663-7700 levels.
NSE BankNifty: (15339) The support for BankNifty is at 15240-15060-15000-14920 and the resistance to the up move is at 15380-15520-15600 levels.
BSE Sensex: (24646) The support for the Sensex is at 24488-24380-24206 and the resistance to the up move is at 24660-24786-24915-24988 levels.
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