Market To See Breakout If Nifty Holds 8300 and BankNifty Holds 18000 Levels
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened Gap Positive. EquityPandit predicted that Market is still in positive zone and traders should hold long positions as of now. EquityPandit’s predicted target of 8300 for Nifty got achieved. Market closed just below EquityPandit’s predicted Resistance of 8300 for Nifty and 17952 for BankNifty like a dot. Traders, who followed EquityPandit’s advice to hold long positions might have earned whopping profits for the day. Finally, Indian Stock Market closed gap positive for the day.
Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still in positive zone. Today, it looks like market may see a breakout and breach levels of 8300 for Nifty and 18000 for BankNifty. Some correction may be seen near these levels but breaching these resistance levels with volumes would force market to see further positive rally. Traders are suggested to hold long positions or buy at dips in this market. Breaching 8300 for Nifty with volumes would force market to see 8440 levels in upcoming days. If BankNifty closes above 18000 levels and Nifty closes above 8300 levels then Market would confirm a long Inverse Head and Shoulder Pattern with the targets of 8450-8500 for Nifty and 18240-18380-18500 for BankNifty. If Market has to go down then it would rebound from current levels only else a sharp breakout would be confirmed.
FIIs were net buyers of Rs.1107.42 crores whereas DIIs were net sellers of Rs.190.76 crores in cash market for last trading session. Nifty would see strong support at 8240-8200-8160 whereas strong resistance would be seen at 8332-8385-8450-8500 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: (8288) The support for the Nifty is 8240-8200-8160 and the resistance to the up move is at 8332-8385-8450-8500 levels.
NSE BankNifty: (17935) The support for BankNifty is at 18800-18740-17600-17470 and the resistance to the up move is at 18000-18052-18139-18220-18380 levels.
BSE Sensex: (27000) The support for the Sensex is at 26870-26720-26620-26540-26300 and the resistance to the up move is at 27195-27385-27450-27600 levels.
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