Some Bounce Expected But Initiate Long Only If Nifty Closes Above 8053
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened negative. EquityPandit predicted that market is still in negative zone. EquityPandit also predicted that traders can hold short positions until Nifty closes above 8053 levels and exactly same happened. Indian Stock Market opened negative and fell down further. Market saw lows right near EquityPandit’s predicted support levels of 7897 levels for Nifty and 25760 levels for Sensex. Traders, who followed EquityPandit’s advice might have earned huge profits for the day. Finally, Indian Stock Market closed gap negative for the day.
Today: Indian Stock Market would open flat. Indian Stock Market is still in negative zone. Some bounce can be seen on the account of short covering as market is over stretched but traders should intiate fresh long positions only if Nifty closes above 8053 levels. Closing below 7900 would result into big downfall. Overall, market would remain rangebound until December 31, 2016. Traders should trade in small quantity until it breaches any of these levels on closing basis.
FIIs were net sellers of Rs.1095.04 crores whereas DIIs were net buyers of Rs.1065.39 crores in cash market for last trading session. Nifty would see strong support at 7897-7800-7777-7645 whereas strong resistance would be seen at 7980-8005-8024-8053-8079 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: (7908) The support for the Nifty is 7897-7800-7777-7645 and the resistance to the up move is at 7980-8005-8024-8053-8079 levels.
NSE BankNifty: (17656) The support for BankNifty is at 17547-17470-17340-17264-17174 and the resistance to the up move is at 17740-17860-18000-18052-18139 levels.
BSE Sensex: (25807) The support for the Sensex is at 25760-25624-25540 and the resistance to the up move is at 26060-26180-26270 levels.
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