Event-Packed Week, Go Long At Dips Until Nifty Holds 8170 On Closing Basis
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened positive for the day. EquityPandit predicted that Nifty has entered into positive zone and traders should go long at every dip in the market. EquityPandit also predicted traders to go long in BankNifty if it breaches levels of 18534 levels and exactly same happened. Indian Stock Market moved sharply positive. BankNifty breached levels of 18534 that forced it to see highs of 18739 levels. Traders, who followed EquityPandit’s advice to go long in BankNifty might have earned whopping profits for the day. Sensex also saw highs right below EquityPandit’s predicted resistance levels of 26809 levels. Nifty closes right below EquityPandit’s predicted resistance levels of 8267 like a dot. Finally, Indian Stock Market closed positive for the day.
Today: Indian Stock Market would open flat. Technically, Indian Stock Market including Nifty, Sensex and BankNifty are is positive zone. Some profit booking (negative movement) may be seen as a reaction of sharp positive movement in last week but Overall market is positive as of now and traders should go long at every dip in the market until Nifty holds 8171 levels on closing basis. Now, this week is packed with important events. Following events would be seen in upcoming weeks:
December 12, 2016: October IIP Data
December 13, 2016: November CPI Data, US FED two days Policy Meeting would start
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. For now traders can go long at every dip in the market with strict closing stoploss of 8170 levels for Nifty. Next targets for Nifty would be 8300-8350-8390 levels whereas BankNifty targets would be 18800-19000 levels.
FIIs were net buyers of Rs.200.52 crores whereas DIIs were net buyers of Rs.289.57 crores in cash market for last trading session. Nifty would see strong support at 8197-8150-8100-8077 whereas strong resistance would be seen at 8280-8310-8357-8399 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: CESC, Kwality and Sunteck Realty Ltd.
NSE Nifty: (8262) The support for the Nifty is 8197-8150-8100-8077 and the resistance to the up move is at 8280-8310-8357-8399 levels.
NSE BankNifty: (18695) The support for BankNifty is at 18625-18530-18430-18333-18240 and the resistance to the up move is at 18780-18888-19000 levels.
BSE Sensex: (26747) The support for the Sensex is at 26597-26500-26450-26380 and the resistance to the up move is at 26809-26950-27060-27128 levels.
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