Close Below 9814 For Nifty and 23958 For BankNifty Would Force Further Downfall
Last Trading Session: Indian Stock Market opened gap negative predicted by EquityPandit. EquityPandit predicted that Indian Market would slide down further on profit booking until Nifty closes above 9906 levels and exactly same happened. Market saw lows right near EquityPandit’s predicted support levels of 9778 for Nifty and 23940 for BankNifty on the news of Vishal Sikka’s Resignation from position of CEO and MD of Infosys. Finally, Indian Stock Market closed gap negative for the day.
Today: Indian Stock Market to open flat. Technically, Indian Stock Market is still in positive zone but would see reversal i.e. enter into negative zone, if market closes below 9814 levels for Nifty and 23958 for BankNifty. Nifty and BankNifty has formed Hammer Candlestick pattern that shows that bulls were active from the lows of last trading session. Market can see positive movement if it breaches 9866 levels but overall structure of market is not bullish as of now. 9950 and 10000 are strong resistance levels for Nifty to deal with. Though last trading session’s downfall was mainly due to resignation of Infosys CEO Mr. Vishal Sikka and hence recovery is possible as of now but if Nifty managed to close below 9814 then we would see more pain in the market and can expect Nifty to test immediate lows of 9710 again. BankNifty is more bearish as compared to Nifty and if BankNifty is not able to recover from here then a sharp downfall till 23500 is a possibility. Traders should remain cautious as today’s closing for Nifty would be very crucial for further market direction.
FIIs were net sellers of Rs.2182.12 crores whereas DIIs were net buyers of Rs.584.59 crores in cash market for last trading session. Nifty would see strong support at 9814-9792-9778-9750 whereas strong resistance would be seen at 9866-9905-9918-9950 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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Stocks In F&O Ban Period: BEML, Fortis Healthcare, HDIL, Indiabulls Real Estate, Jaiprakash Associates, JSW Energy, Just Dial.
NSE Nifty: (9837) The support for the Nifty is 9814-9792-9778-9750 and the resistance to the up move is at 9866-9905-9918-9950 levels.
NSE BankNifty: (24074) The support for BankNifty is at 24066-23940-23820-23750 and the resistance to the up move is at 24170-24312-24460-24535 levels.
BSE Sensex: (31525) The support for the Sensex is at 31500-31350-31265-31110 and the resistance to the up move is at 31623-31715-31885-31950 levels.
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