Market To See Further Correction Before Any Positive Rally
Last Trading Session: Indian Stock Market Opened flat for the day. EquityPandit predicted that some correction would be seen before further positive movement and exactly same happened. Market consolidated in rangebound region for past 2 trading sessions and saw some correction. Traders, who followed EquityPandit’s advice might have earned decent profits for the day. Finally, Indian Stock Market closed flat with positive bias.
Today: Indian Stock Market would open flat with negative bias. Technically, Indian Stock Market is still in positive zone. Market is in consolidation range. Market has formed Doji Pattern. Now if Nifty breaches levels of 8317 then it can see some further correction that can take Nifty to 8280-8250 levels. Overall Market is positive but some further correction can’t be ruled out before next positive movement. Traders can go short in the market if Nifty breaches levels of 8315 with stoploss of 8365 levels on spot basis. Breaching levels of 8365 on the positive side would force market to see further positive movement. BankNifty can be shorted below 17985 levels and could be bought above 18150 levels. BankNifty if breaches 18150 levels, then it would see a further positive rally.
FIIs were net sellers of Rs.299.51 crores whereas DIIs were net sellers of Rs.159.98 crores in cash market for last trading session. Nifty would see strong support at 8315-8300-8280-8240 whereas strong resistance would be seen at 8365-8385-8400-8450 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: (8338) The support for the Nifty is 8315-8300-8280-8240 and the resistance to the up move is at 8365-8385-8400-8450 levels.
NSE BankNifty: (18085) The support for BankNifty is at 17985-17950-17800-17740 and the resistance to the up move is at 18150-18220-18380-18500 levels.
BSE Sensex: (27201) The support for the Sensex is at 27110-26950-26870-26720 and the resistance to the up move is at 27288-27385-27450-27600 levels.
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