Initiate Long Positions Only If Nifty Closes Above 8053 Levels, Until Then Hold Short Positions
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened negative. EquityPandit predicted that market is still in negative trend and traders can hold short positions until Nifty breaches 8079 levels. Market moved sharply lower and saw lows right near EquityPandit’s predicted support levels of 25877 levels for Sensex. Finally, Indian Stock Market closed flat for the day. Nifty closed right on EquityPandit’s predicted resistance levels of 7985 like a dot.
Today: Indian Stock Market would open negative. Indian Stock Market is still in negative zone. Market would still see sideways movement in a rangebound region due to lack of volumes on Christmas holidays. We are approaching F&O Expiry and hence some volatility would be seen in market but would still remain rangebound. Traders should initiate fresh long positions ONLY if Nifty closes above 8053 levels and BankNifty closes above 18092 levels. Until then hold short positions. 7920 would still act as strong support levels for Nifty. Closing below 7900 would be very negative for Nifty as it would confirm a long Head and Shoulder pattern that would result in a big downfall. So, traders should consider these levels in their trading decisions.
FIIs were net sellers of Rs.1462.65 crores whereas DIIs were net buyers of Rs.1614.94 crores in cash market for last trading session. Nifty would see strong support at 7920-7897-7800-7777-7645 whereas strong resistance would be seen at 8024-8053-8079-8100-8150 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: (7986) The support for the Nifty is 8050-8000-7920-7897-7800-7777-7645 and the resistance to the up move is at 8024-8053-8079-8100-8150 levels.
NSE BankNifty: (17884) The support for BankNifty is at 17740-17660-17547-17470 and the resistance to the up move is at 18000-18052-18139-18220 levels.
BSE Sensex: (26040) The support for the Sensex is at 25877-25760-25624-25540 and the resistance to the up move is at 26060-26180-26270 levels.
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