Market Would See Some Bounce, Watch Nifty Levels of 7715 and 7800 for Further Direction
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened gap negative for the day. EquityPandit predicted that traders should hold short positions until Nifty holds 7800 levels and exactly same happened. Market fell down sharply while opening. BankNifty saw lows right at EquityPandit’s predicted support levels of 16188 like a dot. Finally, Market recovered a bit and closed flat with negative bias for the day.
Today: Indian Stock Market would open positive. Technically, Indian Stock Market is still in negative zone but now 7715 levels would be important closing levels for Nifty. If Nifty closes below 7715 levels then it would fell down to 7550 levels where its next strong support exists. But Market is loosing negative momentum, so If, market rebounds from here and closes above 7800 then we would consider that market has already bottomed out. Some positive short-covering rally can’t be ruled out at this point of time. Breaching levels of 8000 for Nifty and 17100 for BankNifty would confirm an Inverse Head and Shoulder Pattern (Bullish Pattern), which would force market to see a sharp breakout and we could even see new highs in few months, if that happens. Until then, we would consider market to be negative with some short covering rally seen and 7600-7500 would be considered as very strong support for Nity. FIIs were net buyers of Rs.27.71 crores whereas DIIs were net buyers of Rs.179.80 crores in cash market for last trading session. Nifty would see strong support at 7705-7685-7650-7615-7600 whereas strong resistance would be seen at 7795-7830-7865-7900 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: Alstom India, Hindustan Unilever and Vardhman Textiles.
NSE Nifty: (7733) The support for the Nifty is 7705-7685-7650-7615-7600 and the resistance to the up move is at 7795-7830-7865-7900 levels.
NSE BankNifty: (16297) The support for BankNifty is at 16188-16011-15933-15840 and the resistance to the up move is at 16380-16475-16640-16780 levels.
BSE Sensex: (25228) The support for the Sensex is at 25110-25012-24950-24835 and the resistance to the up move is at 25380-25572-25660 levels.
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