Market May See Sharp Breakdown If Nifty Closes Below 8578 Levels
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened gap positive for the day. EquityPandit predicted that Nifty would consolidate until GST Bill news is out. EquityPandit also predicted that BankNifty would move sharply negative once it breaches levels of 18818 and exactly same happened. Indian Stock Market moved sharply positive but saw strong resistance near EquityPandit’s predicted resistance levels of 8707 for Nifty, 19070 for BankNifty and 28294 for Sensex. Finally, Nifty and Sensex closed flat but Banknifty saw huge pressure and closed gap negative for the day.
Today: Indian Stock Market would open flat. Technically, Nifty is still in positive trend but BankNifty has entered into negative region. Now if Nifty closes below 8578 levels, then we could see sharp downfall. Once any positive news comes in respect of GST Bill, Market would see a sharp positive movement but it looks that GST bill is already priced in, so market would not sustain higher levels. First sign of weakness after GST Bill would be an strong opportunity for traders to go short in the market. For now, traders can go short in BankNifty at every positive rally and can hold long positions in Nifty until it holds 8578 levels by closing.
FIIs were net buyers of Rs.726.22 crores whereas DIIs were net sellers of Rs.413.77 crores in cash market for last trading session. Nifty would see strong support at 8600-8570-8550-8530-8496 whereas strong resistance would be seen at 8670-8707-8741-8775 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: EIH Ltd, Indian Bank, JM Financial, Tata Investment Corporation, Torrent Power, Voltas, Wonderla Holidays and Zydus Wellness.
NSE Nifty: (8637) The support for the Nifty is 8600-8570-8550-8530-8496 and the resistance to the up move is at 8707-8741-8775-8800 levels.
NSE BankNifty: (18740) The support for BankNifty is at 18610-18533-18400-18218 and the resistance to the up move is at 18825-19070-19160-19300 levels.
BSE Sensex: (28003) The support for the Sensex is at 27870-27736-27660 and the resistance to the up move is at 28060-28120-28294-28340 levels.
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