Some Correction Can Be Seen But Hold Long Positions Until Nifty Holds 8500 Levels
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat with positive bias. EquityPandit predicted that market would see further positive momentum. EquityPandit also predicted that market is near its final strong resistance at 8635 and traders should hold long positions until Nifty holds 8500 levels and exactly same happened. BankNifty outperformed Nifty as predicted by EquityPandit. Market moved positive and saw strong resistance near EquityPandit’s predicted resistance levels of 8605. Market saw sharp downfall from there and managed to close right at EquityPandit’s predicted support levels of 8540 like a dot. Finally, Indian Stock Market closed negative for the day.
Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still in positive zone. Analysis would remain same. Market would see some pressure at higher levels near EquityPandit’s predicted resistance levels. Some correction would be seen but Market would be considered buy at dips until Nifty holds 8500-8480 levels by closing. Market would see further positive momentum. Nifty posses final strong resistance at 8635, closing above these levels would force market to see new highs in days to come. 8500 would act as very strong support for Nifty, so traders can hold long positions with stoploss below 8500 levels for Nifty on closing basis.
FIIs were net buyers of Rs.1461.26 crores whereas DIIs were net sellers of Rs.1033.97 crores in cash market for last trading session. Nifty would see strong support at 8540-8496-8470-8445 whereas strong resistance would be seen at 8580-8605-8635-8659-8670 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
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Important Q1 Results To Be Disclosed Today: Exide Industries, GRUH Finance Ltd, Hindustan Unilever, JP Power and Mindtree.
NSE Nifty: (8541) The support for the Nifty is 8540-8496-8470-8445 and the resistance to the up move is at 8580-8605-8635-8659-8670 levels.
NSE BankNifty: (18954) The support for BankNifty is at 18734-18610-18533 and the resistance to the up move is at 19008-19110-19376-19440 levels.
BSE Sensex: (27837) The support for the Sensex is at 27760-27635-27540 and the resistance to the up move is at 28018-28071-28218-28340 levels.
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