Bulls And Bears Fight At 8000 Psychological Levels, Breakdown To Be Seen Only Below 8000 For Nifty
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened positive for the day. EquityPandit predicted that market may see a sharp bounce back but it is still negative and traders should short at every positive rally and exactly same happened. Indian Stock Market moved sharply but was not able to sustain the higher levels and fell down sharply as per EquityPandit’s predictions. Market moved sharply negative and managed to close right at EquityPandit’s support of 8080 levels for Nifty. BankNifty also closed right above EquityPandit’s suport of 19080 for the day. Traders, who followed EquityPandit’s advice might have earned huge profits for the day. Finally, Indian Stock Market closed negative for the day.
Today: Indian Stock Market would open flat. Technically, Analysis would remain same. Indian Stock Market including Nifty, Sensex and BankNifty, all are still in negative zone. There is strong chance that market would see a sharp bounce back today as it is witnessing strong support near 19000 levels for Banknifty and 8000 levels for Nifty but every short covering would end in new selling in the market. We are witnessing Strong fight between bulls and bears at 8000 levels for Nifty and 19000 levels for BankNifty. It would be interesting to see who wins. Demonetization is supporting the bears. Market need to either close above 8289 levels for Nifty and 19734 for BankNifty to initiate a new positive movement or else close below 8000 levels for Nifty and 19000 levels for BankNifty to see a further breakdown. Until then traders should buy near 8000 for Nifty and 19000 for BankNifty and sell near EquityPandit’s predicted resistance levels maintaining the strict stoploss. Breach of 19000 for BankNifty and 8000 for Nifty would force market to see a sharp breakdown from the current levels and we can witness levels of 7800-7500 for Nifty and around 18000 levels for BankNifty. Also Read: Nifty Analysis from Technical Charts and Fundamental Effect of Currency Decision Taken By Government.
FIIs were net sellers of Rs.983.93 crores whereas DIIs were net buyers of Rs.1144.15 crores in cash market for last trading session. Nifty would see strong support at 8039-8000-7927-7800 whereas strong resistance would be seen at 8150-8200-8250-8289-8345 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 Results To Be Disclosed Today: Gujarat Gas, JB Chemicals, NBCC, NHPC, Rashtriya Chemicals and Fertilizers Ltd.
NSE Nifty: (8080) The support for the Nifty is 8039-8000-7927-7800 and the resistance to the up move is at 8150-8200-8250-8289-8345 levels.
NSE BankNifty: (19087) The support for BankNifty is at 19080-19000-18940-18825 and the resistance to the up move is at 19330-19435-19490-19660 levels.
BSE Sensex: (26228) The support for the Sensex is at 26215-26128-26060-25950 and the resistance to the up move is at 26471-26560-26687-26822 levels.
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