Nifty Enters Positive Zone, Go Long In Nifty At Every Dip, Avoid BankNifty
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened gap negative for the day. EquityPandit predicted that BankNifty would see downfall and suggested traders to go short at every positive rally and exactly same happened. Indian Stock Market opened gap negative and saw lows right near EquityPandit’s predicted support levels of 26180 like a dot. Market recovered and Nifty saw highs right below EquityPandit’s predicted resistance levels of 8154. Sensex also closed right on EquityPandit’s predicted resistance levels of 26349 like a dot. Finally, Indian Stock Market closed gap positive for the day but BankNifty closed gap negative for the day.
Today: Indian Stock Market would open flat. Now, Nifty has entered into positive zone and traders can go long in Nifty at this point of time. Nifty would be supported by IT and Pharma on rising US Dollar prices and falling Rupee. Banking sector is still struggling with the direction. Traders should avoid trading in BankNifty until it closes above 18700 levels. Trades can go long in Nifty at every dip in the market with stoploss of 7998 on closing basis. Nifty may see next target of 8200-8220 levels.
FIIs were net sellers of Rs.1436.40 crores whereas DIIs were net buyers of Rs.1233.79 crores in cash market for last trading session. Nifty would see strong support at 8100-8050-7997-7975-7935 whereas strong resistance would be seen at 8154-8200-8220-8288 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: Tamil Nadu Newsprint & Papers Ltd and Tata Power Company Ltd.
NSE Nifty: (8127) The support for the Nifty is 8100-8050-7997-7975-7935 and the resistance to the up move is at 8154-8200-8220-8288 levels.
NSE BankNifty: (18301) The support for BankNifty is at 18180-18140-18050-17980 and the resistance to the up move is at 18470-18540-18690-18780 levels.
BSE Sensex: (26350) The support for the Sensex is at 26280-26180-26124-26060 and the resistance to the up move is at 26450-26540-26622-26809 levels.
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