Market Generating Positive Momentum, Initiate Long With Stoploss Of 8688 For Nifty
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat for the day. EquityPandit predicted that Market is in negative zone but further downfall would be seen only once Nifty breaches its support of 8688 levels. Indian Stock Market managed to hold EquityPandit’s support levels of 8688 for Nifty, 19484 for BankNifty and 28183 level for Sensex. EquityPandit moved positive on note of short covering but saw strong resistance near EquityPandit’s predicted resistance levels of 28372 levels for Sensex and 8775 levels for Nifty. Finally, Indian Stock Market closed positive for the day. BankNifty closed right below EquityPandit’s predicted resistance levels of 19660.
Today: Indian Stock Market would open gap positive. Technically, Indian Stock Market is still in negative zone but would see positive rally on the news of Oil prices surge due to OPEC production cut deal. Today is F&O Expiry and we would see huge volatility. Market would see reversal, if it closes above 8808 levels for Nifty and 19860 levels for BankNifty. Nifty posseses strong support at 8688 levels and breach of 8688 would force market to see sharp downfall but for now market is generating positive momentum and traders can buy at dips with stoploss of 8688 levels for Nifty.
FIIs were net buyers of Rs.73.83 crores whereas DIIs were net sellers of Rs.69.53 crores in cash market for last trading session. Nifty would see strong support at 8688-8665-8620-8600-8570 whereas strong resistance would be seen at 8775-8800-8830-8900 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: (8745) The support for the Nifty is 8688-8665-8620-8600-8570 and the resistance to the up move is at 8775-8800-8830-8900 levels.
NSE BankNifty: (19654) The support for BankNifty is at 19484-19400-19299-19166 and the resistance to the up move is at 19808-19965-20060 levels.
BSE Sensex: (28293) The support for the Sensex is at 28183-28110-27950-27840 and the resistance to the up move is at 28372-28420-28500-28660-28780 levels.
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