Market In Negative Zone But Would Remain Highly Volatile Post Brexit
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened gap negative for the day. EquityPandit predicted that Market would open gap negative and see a further downfall. Indian Stock Market moved sharply negative and saw a 4% intraday downfall in a single day on Brexit event. Market recovered to some extent by the end of the trading session. Finally, Indian Stock Market closed gap negative for the day.
Today: Indian Stock Market would open negative. Now Market has entered into negative zone . Some positive reaction cannot be ruled out but Market would be considered negative until Nifty closes above 8145 levels. Nifty to see immediate resistance at 8110-8145 levels on closing basis. Closing above 8145 levels would force Nifty to see targets of 8180-8240-8280 levels. If Market closes below levels of 8060 then we may see 8000-7940-7900 levels in days to come. Market would be full of uncertainty for the week as lot of things would happen after Brexit polls like UK PM Cameron would step down, New PM would take position, EU would provide offers to UK to stay, etc. All this would keep market volatile. So, traders are suggested to trade in small quantity. The Most affected sectors would be IT, Pharma, Auto and Steel sectors. Now, it looks like Market is ready to see a big breakout or breakdown after many days of consolidation in a range of 8000-8300 levels. EquityPandit’s Mathematical model expects that Market is ready to see around 1500-2000 points movement in BankNifty and around 400-500 for Nifty on either side which would be confirmed in next couple of days. For now, market is in negative zone and traders should go short at every positive movement near resistance levels.
FIIs were net sellers of Rs.629.14 crores whereas DIIs were net buyers of Rs.114.94 crores in cash market for last trading session. Nifty would see strong support at 8060-8000-7980-7940-7900 whereas strong resistance would be seen at 8110-8145-8180-8240 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: (8089) The support for the Nifty is 8060-8000-7980-7940-7900 and the resistance to the up move is at 8110-8145-8180-8240 levels.
NSE BankNifty: (17426) The support for BankNifty is at 17300-17195-17050-16960-16875 and the resistance to the up move is at 17480-17570-17652-17827 levels.
BSE Sensex: (26398) The support for the Sensex is at 26215-26128-26060-25950 and the resistance to the up move is at 26471-26687-26822 levels.
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