Buy At Dips and Hold Long Positions Until Nifty holds 7435 by Closing
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat with 3 points negative for Nifty. EquityPandit predicted that some correction would be seen in the market and exactly same happened. BankNifty made highs right near EquityPandit’s predicted resistance levels of 15380. Indian Stock Market saw sharp correction for the day and finally closed negative for the day. Sensex closed right above EquityPandit’s predicted support levels of 24550 like a dot.
Today: Indian Stock Market would open positive for the day. Technically, Indian Stock Market is still in positive zone. Now, we may see reversal if Nifty closes below 7435 levels. Market has already consolidated for last couple of days and now, we may see some sharp movement on either side. Overall, the downfall is capped even if Nifty enters into negative zone by breaching levels of 7435 on closing basis. If Nifty closes below 7435 levels then we can see the levels of 7350-7300 in next couple of days but overall market sentiments would remain bullish. If Nifty managed to hold levels of 7435 by closing then we would see a sharp breakout in days to come. For now, traders should go long at every dip in the market. Banking sector was stronger in last couple of trading sessions and now if market has to sustain these levels then BankNifty needs to perform further. FIIs were again net sellers of Rs.54.01 crores whereas DIIs were net sellers of Rs.302.31 crores in last trading session. Nifty would see strong support at 7434-7400-7365-7330 whereas strong resistance would be seen at 7545-7585-7620-7663 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: (7461) The support for the Nifty is 7434-7400-7365-7330 and the resistance to the up move is at 7545-7585-7620-7663 levels.
NSE BankNifty: (15327) The support for BankNifty is at 15200-15060-15000-14920 and the resistance to the up move is at 15380-15420-15520-15600 levels.
BSE Sensex: (24551) The support for the Sensex is at 24488-24380-24200-24120 and the resistance to the up move is at 24680-24840-24915-24988 levels.
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