Wait For Either BankNifty To Close Below 19166 or Nifty To Close Above 8653 Levels
Last Trading Session: Indian Stock Market Opened flat for the day. EquityPandit predicted that market is in negative zone and traders should go short at every positive rally in the market. EquityPandit also predicted that traders should take short positions home only if BankNifty closes below 19166 levels. Indian Stock Market fell down sharply and saw lows right near EquityPandit’s predicted support levels of 19080 for BankNifty and 8550 levels for Nifty. Market recovered from day lows and BankNifty managed to close above EquityPandit’s predicted changeover levels of 19166 levels. Nifty also saw highs right at EquityPandit’s predicted resistance levels of 8620 like a dot.Incidently, Sensex also saw highs right at EquityPandit’s predicted resistance levels of 27950 like a dot. Finally, Indian Stock Market closed positive for the day.
Today: Indian Stock Market would open positive. Now Technically, Nifty is in Negative zone and BankNifty is in Positive zone. Traders should either wait for BankNifty to close below 19166 levels or Nifty to close above 8653 levels for further trading actions. If BankNifty managed to close below 19166 levels then we would see sharp downfall in the market as Nifty is already in Negative zone but if Nifty managed to close above 8653 levels then a sharp positive breakout would be seen as BankNifty is already in Positive zone as of now. So traders should follow these levels very strictly before taking any trading action. Market is still in trading range and is consolidating in a rangebound region. Market would see sharp breakout or breakdown soon based on Nifty or BankNifty breaching these EquityPandit’s suggested levels. For now traders should wait and watch any of these levels to be breached and take further action accordingly.
FIIs were net buyers of Rs.286.52 crores whereas DIIs were net buyers of Rs.17.49 crores in cash market for last trading session. Nifty would see strong support at 8550-8530-8496-8470 whereas strong resistance would be seen at 8625-8653-8665-8707 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: Cox & Kings, Crompton Greaves and Whirlpool India.
NSE Nifty: (8607) The support for the Nifty is 8550-8530-8496-8470 and the resistance to the up move is at 8625-8653-8665-8707 levels.
NSE BankNifty: (19217) The support for BankNifty is at 19166-19080-18950-18825 and the resistance to the up move is at 19350-19435-19490-19660 levels.
BSE Sensex: (27903) The support for the Sensex is at 27700-27635-27540-27380 and the resistance to the up move is at 27950-28018-28071-28218 levels.
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