Market In Positive Zone, Profit Booking Expected But Go Long At Dips
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened negative for the day. EquityPandit predicted that Nifty is still in positive zone and and traders can buy on dips in the market. EquityPandit also predicted that market would remain in the range of 7900 and 8120 levels and exactly same happened. Indian Stock Market moved sharply positive on F&O Expiry day. BankNifty saw lows near EquityPandit’s predicted support levels of 17800 and moved sharply positive to see highs right at EquityPandit’s predicted resistance levels of 18052 like a dot. Finally, Indian Stock Market closed positive for the day. Nifty closed right at EquityPandit’s predicted resistance levels of 8105 like a dot.
Today: Indian Stock Market would open positive. Technically, Market is in positive zone. We are into last trading day of the calendar year 2016 and overall market would remain rangebound. Market can see some profit booking but overall market is positive as of now and traders can go long at dips with strict stoploss of 7987 levels for Nifty on closing basis as market would enter into negative zone once Nifty closes below these levels. Traders can avoid taking any positions home and can initiate fresh positions from January 2017 after looking at the fresh direction.
FIIs were net sellers of Rs.662.29 crores whereas DIIs were net buyers of Rs.957.83 crores in cash market for last trading session. Nifty would see strong support at 8050-7997-7975-7935 whereas strong resistance would be seen at 8120-8154-8200-8220 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: (8104) The support for the Nifty is 8050-7997-7975-7935 and the resistance to the up move is at 8120-8154-8200-8220 levels.
NSE BankNifty: (18033) The support for BankNifty is at 18000-17940-17840-17740 and the resistance to the up move is at 18147-18240-18188-18320 levels.
BSE Sensex: (26366) The support for the Sensex is at 26180-26128-26060-25950-25840 and the resistance to the up move is at 26471-26560-26687 levels.
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