Go Long Around 8550 With Stoploss Of 8500 For Nifty, Short If Nifty Breaches 8500 Levels.
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened gap positive for the day. EquityPandit predicted that market is still in negative zone but some positive momentum is generating, so traders can initiate long with strict stoploss of 8688 levels. EquityPandit also predicted that market will see sharp downfall if Nifty breaches 8688 levels and exactly same happened. Indian Stock Market moved positive but highs right at EquityPandit’s predicted resistance levels of 8800 for Nifty like a dot. Indian Stock Market fell down sharply from there on Indo-Pak news and breached EquityPandit’s suggested levels of 8688 for Nifty. Breaching 8688 levels force Nifty to see a sharp downfall as per EquityPandit’s predictions and saw lows of 8558 levels. Traders, who followed EquityPandit’s advice might have earned whopping profits on both sides of trades. Finally, Indian Stock Market closed gap negative for the day.
Today: Indian Stock Market would open negative. Technically, Indian Stock Market is still in negative zone but market would see a bounce at lower levels near support in reaction to yesterday’s downfall. FIIs and DIIs have seen huge buying in yesterday’s downfall and that suggests that this downfall was temporary in nature. Nifty is lying near its major support level of 8500. 8500 is a make or break level on closing basis. If Nifty closes below those levels then a breakdown would be seen in the market and we can even see levels of 8200-8000-7700 in days to come. But traders can take a chance here. Traders can go long near 8550 levels for Nifty with strict stoploss of 8500 on closing basis. There are strong chances for Market to see a bounce near those levels. So, traders can go long until Nifty holds 8500 and short once Nifty closes below 8500 levels. If Nifty holds 8500 for next couple of days then we would see a sharp positive rally.
FIIs were net buyers of Rs.3413.37 crores whereas DIIs were net buyers of Rs.1630.88 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 8620-8636-8665-8707 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: (8591) The support for the Nifty is 8550-8530-8496-8470 and the resistance to the up move is at 8620-8636-8665-8707 levels.
NSE BankNifty: (19184) The support for BankNifty is at 19166-19060-18950-18825 and the resistance to the up move is at 19350-19435-19490-19660 levels.
BSE Sensex: (27828) 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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