Market To Consolidate Until Brexit Event, Buy At Dips Until Nifty Holds 8100
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat for the day. EquityPandit predicted that Market is still in positive zone and traders should go long at every dip in the market near EquityPandit’s support levels. EquityPandit also predicted that Nifty would see strong support at 8200 levels and exactly same happened. Indian Stock Market opened flat and saw some correction for the day. Nifty saw lows right at EquityPandit’s support levels of 8200 like a dot. BankNifty also closed just at EquityPandit’s predicted support levels of 17620 levels. Finally, Indian Stock Market closed minor negative for the day.
Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still in positive zone. Analysis would still remain same. Market would consolidate in a rangebound region until Brexit event, few points down and few points up. Important Closing levels to watch out for Nifty is 8240 levels, closing below this level, market would see profit booking everytime but once Nifty closes above this level, it would be more positive biased and every downfall would be recovered with a positive rally. So for a Positive rally, Market needs to close above its immediate resistance of 8240 levels. Once Nifty breaches levels of 8300, it would see a big breakout. Brexit decision during UK Referendum on June 23, 2016 would decide further market direction. If the country decides to stay in European Union, Market would see a sharp breakout and may see levels of 8400-8500 for Nifty. Traders should go long at every dip in the market. BankNifty would enter into negative zone if it closes below 17600 levels but Nifty would see reversal only if it closes below 8100 levels which is still far. Every down move looks to be capped with support levels, so traders should buy at support levels and sell at resistance levels for now. FIIs were net buyers of Rs.484.66 crores whereas DIIs were net sellers of Rs.335.53 crores in cash market for last trading session. Nifty would see strong support at 8198-8165-8098 whereas strong resistance would be seen at 8272-8294-8332-8385 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: (8220) The support for the Nifty is 8198-8165-8098 and the resistance to the up move is at 8272-8294-8332-8385 levels.
NSE BankNifty: (17619) The support for BankNifty is at 17600-17470-17330 and the resistance to the up move is at 17830-18000-18052-18139 levels.
BSE Sensex: (26813) The support for the Sensex is at 26720-26540-26300 and the resistance to the up move is at 26940-27030-27195 levels.
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