Nifty Again Entered In Bearish Zone, Market To Remain Uncertain For Next 2 Days
Last Trading Session: Market opened flat for the day. EquityPandit predicted that market would see profit booking (Negative Movement) as a reaction of sharp positive movement in last week and exactly same happened. Indian Stock Market moved sharply negative and closed right at EquityPandit’s predicted reversal levels of 8171 like a dot. Finally, Indian Stock Market closed gap negative for the day.
Today: Indian Stock Market would open flat. Technically, Nifty has again entered into bearish mode whereas BankNifty is still in Positive mode. Market would keep moving in rangebound region and would remain uncertain until US FED Policy outcome is disclosed. The best strategy is to wait until December 14, 2016 to avoid any wrong entry. Market would move up and down in a rangebound region in upcoming 2 days until FED Policy decision is announced and traders should avoid any major trading for next 2 days
Following events would be seen in upcoming days:
December 13, 2016: November CPI Data, US FED Two Days Meeting Starts
December 14, 2016: November WPI Data
So, this is an important week and traders and investors across the globe would wait for FED decision on rising interest rates in US as it would impact all global markets. We expect market to remain rangebound until we get outcome of US FED meeting and than market would react accordingly.
FIIs were net sellers of Rs.94.45 crores whereas DIIs were net sellers of Rs.266.20 crores in cash market for last trading session. Nifty would see strong support at 8150-8100-8077-8050 whereas strong resistance would be seen at 8225-8280-8310-8357 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
Important Results To Be Disclosed Today: Alok Industries, Amtek Auto, Bajaj Hindusthan Sugar, Coal India, Den Networks, GMDC, Hindustan Copper, HDIL, Kaveri Seed Company, KSK Energy, Omaxe and Prism Cement Ltd.
NSE Nifty: (8171) The support for the Nifty is 8150-8100-8077-8050 and the resistance to the up move is at 8225-8280-8310-8357 levels.
NSE BankNifty: (18393) The support for BankNifty is at 18333-18240-18188-18060-18000 and the resistance to the up move is at 18490-18588-18690-18780 levels.
BSE Sensex: (26515) The support for the Sensex is at 26500-26450-26380-26164 and the resistance to the up move is at 26733-26809-26950-27060 levels.
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