Market In Correction Mode, Would Resume Uptrend After a Sufficient Correction

Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened positive. EquityPandit predicted that Market would see some consolidation before further positive movement. EquityPandit also predicted that some correction can’t be ruled out at this point of time and exactly same happened. Indian Stock Market moved positive but was not able to sustain and fell down sharply as per EquityPandit predictions. Finally, Indian Stock Market closed negative for the day. Nifty closed right above EquityPandit’s predicted support levels of 8200 like a dot.

Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still in positive zone. Some correction would be seen. 8180 would act as immediate support for Nifty, breaching which Nifty would fell down sharply but it would be temporary in nature. 8000 would be very hard to breach. Market is expected to see some correction before further positive movement. Once that correction is done in next few days, market would stabilize and resume its positive movement. FIIs were net buyers of Rs.234.20 crores whereas DIIs were net sellers of Rs.317.74 crores in cash market for last trading session. Nifty would see strong support at 8200-8180-8165-8098 whereas strong resistance would be seen at 8252-8294-8336-8385 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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NSE Nifty: (8204) The support for the Nifty is 8200-8180-8165-8098 and the resistance to the up move is at 8252-8294-8336-8385 levels.

NSE BankNifty: (17888) The support for BankNifty is at 17800-17760-17620-17470 and the resistance to the up move is at 18000-18029-18139-18313 levels.

BSE Sensex: (26763) The support for the Sensex is at 26720-26660-26540-26300 and the resistance to the up move is at 26940-27030-27195 levels.

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