Further Correction Would Be Seen, Go Long At Dips Until Nifty Holds 7780
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened gap negative for the day. EquityPandit predicted that Market would recover to some extent after gap negative opening. EquityPandit also suggested traders to go long at those dips. Nifty saw lows right above EquityPandit’s predicted support levels of 7775 levels whereas highs were seen just near EquityPandit’s predicted resistance levels of 7888 like a dot. Nifty recovered from gap negative opening as predicted by EquityPandit. Traders, who followed EquityPandit’s advice might have earned huge profits for the day. But market was not able to sustain higher levels. Finally, Indian Stock Market closed negative for the day.
Today: Indian Stock Market would open negative. Though Indian Stock Market is in positive zone but the Capital Gain Tax news is pulling market down. Overall Capital Gain Tax on FIIs money is good for Indian Economy in long term. Traders should hold long positions until Nifty holds 7780 levels by closing. Once Nifty breaches 7900 levels, market would be considered strong and breaching levels of 8013 by closing would force market to see a big breakout from these levels. Further correction would be seen for now, but traders can go long at dip in the market until Market is in positive zone. BankNifty would be considered positive until it holds 16450 levels by closing. Once Nifty closes below 7780 and BankNifty below 16450 levels then traders can initiate fresh shorts in the market. FIIs were net sellers of Rs.362.19 crores whereas DIIs were net buyers of Rs.729.59 crores in cash market for last trading session. Nifty would see strong support at 7815-7775-7730-7715-7680 whereas strong resistance would be seen at 7888-7926-7980-8005 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: Arvind Ltd, Bank Of Maharashtra, Dr. Reddy Laboratories, Glenmark Pharma, Manappuram Finance, MRPL, Nestle India, Polaris, SREI, Take Solutions, Trident, Vijaya Bank and Zydus Wellness.
NSE Nifty: (7849) The support for the Nifty is 7815-7775-7730-7715-7680 and the resistance to the up move is at 7888-7926-7980-8005 levels.
NSE BankNifty: (16754) The support for BankNifty is at 16605-16540-16380-16260 and the resistance to the up move is at 16885-16950-17100-17160 levels.
BSE Sensex: (25597) The support for the Sensex is at 25540-25445-25365-25200 and the resistance to the up move is at 25760-25885-25936-26035-26200 levels.
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