Market To See A Sharp Breakout After Some Consolidation
Last Trading Session: Indian Stock Market Opened Positive for the day. EquityPandit predicted that Market is still in Positive zone and it looks like Nifty would see a breakout and breach levels of 8300 for Nifty and 18000 levels for BankNifty and exactly same happened. Indian Stock Market moved sharply positive. Nifty breached 8300 levels and closed just below EquityPandit’s predicted resistance levels of 8332 like a dot. Traders who followed EquityPandit’s advice might have earned huge profits for the day. Finally, Indian Stock Market closed gap positive for the day.
Today: Indian Stock Market would open positive. Technically, Indian Stock Market is still in positive zone. Market is ready to see a breakout but some small consolidation can’t be ruled out. Traders can also look for some quality midcap companies as these would see most of the profits in next few days. Now, Next big trigger for the Market would be GST bill that is supposed to be passed in upcoming Parliament session which would start from July 18, 2016. Monsoon report these week would also play important role in the further movement of the market. Overall Market is positive and traders should go long at every dip in the market. Next target for Nifty is 8385-8450-8550 levels whereas for BankNifty, next target is 18130-18380-18500, if it closes above 18000 levels.
FIIs were net sellers of Rs.187.51 crores whereas DIIs were net buyers of Rs.907.05 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: (8328) The support for the Nifty is 8300-8240-8200-8160 and the resistance to the up move is at 8356-8385-8450-8500 levels.
NSE BankNifty: (17986) The support for BankNifty is at 17950-17800-17740-17600 and the resistance to the up move is at 18052-18139-18220-18380 levels.
BSE Sensex: (27145) The support for the Sensex is at 26950-26870-26720-26620 and the resistance to the up move is at 27240-27385-27450-27600 levels.
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