Nifty To See Breakdown Below 8688 And Breakout Above 8800 Closing Levels
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened positive for the day. EquityPandit predicted that market would see some bounce and suggested traders to go long with stoploss of 8688 for Nifty and exactly same happened. EquityPandit also predicted that traders should take long positions home only if Nifty is able to close above 8800 levels on spot basis. Indian Stock Market opened positive and saw a sharp positive rally covering the previous gap in the trend. Traders who followed EquityPandit’s advice might have earned huge profits for the day. Indian Stock Market saw strong resistance right near EquityPandit’s predicted resistance levels of 8850 for Nifty and 28780 levels for Sensex like a dot. Market saw profit booking at those levels and fell down sharply to close below EquityPandit’s closing resistance of 8800. Finally, Indian Stock Market closed positive for the day.
Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still in negative zone but some positive movement can’t be ruled out. Market has formed a Doji pattern that suggest that traders can go short below 8750 levels. Market would see sharp downfall if it breaches levels of 8688 for Nifty on the negative side. Traders can short below 8750 with strict stoploss of 8850 for Nifty on spot basis. Market would continue to consolidate as of now and closing below 8688 would force market to see a breakdown for short term. Indian Stock Market would enter into positive zone once it closes above 8800 levels for Nifty and 20080 levels for BankNifty on spot basis. Market would see sharp breakout once it breaches EquityPandit’s resistance of 8850 for Nifty. Follow EquityPandit’s level strictly before taking any trading decisions in the market.
FIIs were net buyers of Rs.660.59 crores whereas DIIs were net sellers of Rs.213.13 crores in cash market for last trading session. Nifty would see strong support at 8700-8688-8665-8630-8600 whereas strong resistance would be seen at 8800-8830-8850-8900 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: Engineers India, MCX and PC Jeweller.
NSE Nifty: (8780) The support for the Nifty is 8700-8688-8665-8630-8600 and the resistance to the up move is at 8800-8830-8850-8900 levels.
NSE BankNifty: (19855) The support for BankNifty is at 19730-19595-19495-19306 and the resistance to the up move is at 20001-20140-20240-20350 levels.
BSE Sensex: (28599) The support for the Sensex is at 28490-28312-28250-28183-28110and the resistance to the up move is at 28660-28780-28880 levels.
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