Market To Open Negative, Go Long In Nifty With Strict Stoploss Of 8117 On Closing Basis
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened positive for the day. EquityPandit predicted that Indian Stock Market is still in positive zone and traders can go long at dips in the market. Indian Stock Market saw some profit booking today and saw sharp downfall from high levels. Still BankNifty was not able to close above EquityPandit’s predicted reversal levels of 18651. Finally, Indian Stock Market closed negative for the day.
Today: Indian Stock Market would open negative. Technically, Nifty is still in positive zone but BankNifty would enter into positive zone only once it closes above 18651 levels. Market would remain in trading range and traders can go long in Nifty until Nifty holds 8117 levels by closing. Closing below 8117 levels would force Nifty to enter into negative zone again and if that happens, Nifty would see sharp downfall. For now, traders can go long in Nifty with strict stoploss of 8117 on closing basis. Traders can initiate fresh short postions in market if Nifty closes below 8117 levels.
FIIs were net sellers of Rs.402.62 crores whereas DIIs were net buyers of Rs.237.81 crores in cash market for last trading session. Nifty would see strong support at 8160-8117-8100-8050 whereas strong resistance would be seen at 8250-8288-8305-8400 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: Ashoka Buildcon, GE Power, IL&FS Transportation and TV Today Network Ltd.
NSE Nifty: (8193) The support for the Nifty is 8160-8117-8100-8050 and the resistance to the up move is at 8250-8288-8305-8400 levels.
NSE BankNifty: (18428) The support for BankNifty is at 18322-18262-18188-18000 and the resistance to the up move is at 18540-18690-18780-18888 levels.
BSE Sensex: (26559) The support for the Sensex is at 26500-26450-26380 and the resistance to the up move is at 26720-26809-26950-27060 levels.
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