Go Long If Nifty Breaches 8600 and Go Short If Nifty Breaches 8478 Levels
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat for the day. EquityPandit predicted that BankNifty has entered into negative zone and Nifty is still in positive zone. Equitypandit also predicted that Nifty would posses strong resistance at 8550 and exactly same happened. Indian Stock Market opened flat but BankNifty moved sharply negative as per EquityPandit’s predictions. Market recovered from day lows and Nifty saw highs right at EquityPandit’s predicted resistance levels of 8550 like a dot. BankNifty also saw strong resistance near EquityPandit’s predicted resistance levels of 18740 like a dot. Finally, Indian Stock Market closed positive for the day.
Today: Indian Stock Market would open flat. Technically, BankNifty is still in negative zone and Nifty is in positive zone. Now as per the retracement, BankNifty would see first support at 18548 levels and breaching this by closing would take BankNifty to 18312 levels. But Now, traders should watch Nifty movement carefully to decide the trend. If Nifty breaches levels of 8600-8625 levels, then we would see a sharp positive breakout in all the indices. For now, traders should go short in BankNifty at every positive rally near EquityPandit’s predicted resistance levels. Traders should also keep in mind that if Nifty doesn’t close below 8478 levels in upcoming days on the negative side then a sharp positive rally would come and BankNifty would also again enter into positive trend in that case. So for now, Nifty needs to breach 8478 levels on negative side to sustain this negative trend in the market else this negative trend would be considered as false trend. Overall Market is rangebound as of now and big movement would come only if Nifty closes below 8478 levels on negative side or 8600 on positive side.
FIIs were net buyers of Rs.437.78 crores whereas DIIs were net sellers of Rs.365.67 crores in cash market for last trading session. Nifty would see strong support at 8496-8470-8445-8400 whereas strong resistance would be seen at 8550-8580-8605-8635 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: Bajaj Corp, Canara Bank, Eveready Industries, GHCL, Greenply Industries, Indiabulls Housing Finance, Info Edge, Tata Sponge and Texmaco Rail.
NSE Nifty: (8541) The support for the Nifty is 8496-8470-8445-8400 and the resistance to the up move is at 8550-8580-8605-8635 levels.
NSE BankNifty: (18690) The support for BankNifty is at 18610-18533-18400-18219 and the resistance to the up move is at 18740-18888-19030-19160 levels.
BSE Sensex: (27801) The support for the Sensex is at 27635-27540-27380 and the resistance to the up move is at 27860-28018-28071-28218 levels.
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