Market Lying Near Supports, Breach Of Support Would suggest Sharp Downfall
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat for the day. Equitypandit predicted that market is still in positive zone but it has formed a doji pattern that suggest reversal. EquityPandit suggested traders to hold long positions until Nifty and BankNifty breaches EquityPandit’s support of 8780 for Nifty and 19838 levels for BankNifty. Indian Stock Market moved positive but was not able to sustain higher levels and fell down sharply. BankNifty saw lows right near EquityPandit’s predicted support levels of 19870. Overall Market managed to close above EquityPandit support but closed gap negative for the day.
Today: Indian Stock Market would open negative. Technically, Indian Stock Market is still in positive zone but market has no fuel left to see positive rally. Market may see some bounce from day lows but there is strong chances of Market to enter into negative zone again and if that happens, market would see sharp downfall. Huge Volatility would be seen in F&O Expiry week. Traders can hold long positions as of now but only with strict stoploss of 8780 for Nifty and 19838 spot levels for BankNifty on closing basis. Once Market closes below these levels, Market would surely see a sharp downfall. Overall market is positive for now, traders should book profits at higher levels and initiate fresh short positions, if Nifty and BankNifty closes below EquityPandit’s suggested reversal levels.
FIIs were net sellers of Rs.299.98 crores whereas DIIs were net sellers of Rs.498.14 crores in cash market for last trading session. Nifty would see strong support at 8800-8780-8750-8713 whereas strong resistance would be seen at 8900-8970-9000-9120 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: (8832) The support for the Nifty is 8800-8780-8750-8713 and the resistance to the up move is at 8900-8970-9000-9120 levels.
NSE BankNifty: (19902) The support for BankNifty is at 19870-19838-19730-19595 and the resistance to the up move is at 20140-20265-20350-20460 levels.
BSE Sensex: (28668) The support for the Sensex is at 28650-28500-28420-28370 and the resistance to the up move is at 28870-28950-29070-29264 levels.
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