Market To See Some Correction, Hold Long Positions Until Nifty holds 7842
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened positive for the day. EquityPandit predicted that BankNifty is discounted and can see breakout anytime with targets of 16500-16800. EquityPandit also suggested traders to go long in BankNifty as it is undervalued and would perform much better than Nifty and exactly same happened. Indian Stock Market opened positive for the day as predicted by EquityPandit. Nifty remained lack-lusture for the day but BankNifty saw a sharp breakout from the levels achieving EquityPandit’s targets of 16500 and saw highs just near EquityPandit’s predicted resistance levels of 16780 levels. Nifty also saw highs right at EquityPandit’s predicted resistance levels of 7980 like a dot. Finally, BankNifty closed gap positive as predicted whereas Nifty and Sensex closed flat for the day. Sensex closed just below EquityPandit’s predicted resistance levels of 25885. Traders, who followed EquityPandit’s advice might have earned huge profits for the day.
Today: Indian Stock Market would open flat for the day. Technically, Indian Stock Market is still in positive zone. Now some profit booking can be seen but Market would be considered positive until Nifty holds 7842 levels. Once Nifty closes below 7842 levels, traders can initiate fresh shorts in Nifty. BankNifty would still perform better but possesses strong resistance at 16855 levels. Once BankNifty managed to breach those levels by closing, we would see levels of 17100 as next resistance cum targets for BankNifty. 17100 should be ultimate highs for time being, if it manages to reach there. But at those levels, we would again see sharp downfall in BankNifty. FIIs were net buyers of Rs.805.42 crores whereas DIIs were net buyers of Rs.65.72 crores in cash market for last trading session. Nifty would see strong support at 7850-7775-7730-7715 whereas strong resistance would be seen at 7980-8005-8025-8080 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
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Important Results Today: Cairn India Ltd., HDFC Bank, Mahindra CIE, Reliance Industries and Zensar Technologies.
NSE Nifty: (7912) The support for the Nifty is 7865-7850-7775-7730 and the resistance to the up move is at 7980-8005-8025-8080 levels.
NSE BankNifty: (16637) The support for BankNifty is at 16260-16200-16160-16060 and the resistance to the up move is at 16780-16885-16950-17100 levels.
BSE Sensex: (25880) The support for the Sensex is at 25720-25630-25540-25445 and the resistance to the up move is at 25956-26035-26200 levels.
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