Market To See Further Correction, Go Long Only Above 8800 For Nifty
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened negative for the day. EquityPandit predicted that Market is still in correction mode but some bounceback would be seen at lower levels and exactly same happened. Indian Stock Market saw some correction. BankNifty saw lows right at EquityPandit’s predicted support levels of 19730 like a dot. Market rebounded from day lows as predicted by EquityPandit and saw highs right at EquityPandit’s predicted resistance levels of 8741 like a dot. Traders who followed EquityPandit strategy might have earned huge profits for the day. Finally, Indian Stock Market closed flat with positive bias.
Today: Indian Stock Market would open negative. Technically, Indian Stock Market is still in negative zone. Indian Stock Market would continue to consolidate in a rangebound region. Now Nifty has formed an immediate support at 8688 levels, breaching which Indian Stock Market would see sharp downfall. Overall strategy remains same for now – Buy at supports and sell at resistance. Traders can go long if Market manages to breach levels of 8800 for Nifty and 20000 for BankNifty which would act as immediate resistance. Traders can take long positions home if Market closes above those levels. For now market would be considered in correction phase with some consolidation at these levels. BankNifty is already at huge premium, so if Market see a downfall then BankNifty would see the biggest pain and If Market reverses, then BankNifty would be the biggest gainer, so traders should keep EquityPandit’s levels in mind before making any trading decisions.
FIIs were net sellers of Rs.477.33 crores whereas DIIs were net sellers of Rs.8.53 crores in cash market for last trading session. Nifty would see strong support at 8688-8665-8630-8600-8570 whereas strong resistance would be seen at 8741-8775-8800-8830 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: Corporation Bank and Indian Overseas Bank.
NSE Nifty: (8727) The support for the Nifty is 8688-8665-8630-8600-8570 and the resistance to the up move is at 8741-8775-8800-8830 levels.
NSE BankNifty: (19909) The support for BankNifty is at 19730-19595-19495-19306 and the resistance to the up move is at 19955-20001-20140-20350 levels.
BSE Sensex: (28372) The support for the Sensex is at 28250-28183-28110-27950 and the resistance to the up move is at 28420-28500-28660-28780 levels.
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