Nifty Witnessing Channel Support, Sharp Downfall If Channel Breaks But Till Then Recovery Expected
Last Trading Session: Indian Stock Market opened flat as predicted. EquityPandit predicted that Indian Stock Market is still in negative zone and would see sharp downfall if Nifty breaches levels of 10795 and exactly same happened. Indian Stock Market breached levels of 10795 for Nifty and saw a sharp downfall from there. 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 positive. Technically, Indian Stock Market is still in negative zone for now but some short covering can’t be ruled. Now immediate support for Nifty exists at 10637, the low of this quarter. Market should logically recover from here but if the levels of 10637 breaches then the sharp selling would be initiated in the market. This selling would result in sharp breakdown and traders can add up short positions in that case but until then chances of recovery persists. Nifty has formed a channel and any breach on the downside of the channel would result into big breakdown.
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FIIs were net sellers of Rs.892.52 crores whereas DIIs were net buyers of Rs.645.72 crores in cash market for last trading session. Nifty would see strong support at 10637-10600-10550 whereas strong resistance would be seen at 10735-10765-10780-10808 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
Stocks In F&O Ban Period: NIL.
NSE Nifty: (10705) The support for the Nifty is 10637-10600-10550 and the resistance to the up move is at 10735-10765-10780-10808 levels.
NSE BankNifty: (26758) The support for BankNifty is 26600-26500-26440-26365 and the resistance to the up move is 26840-26950-27005-27075 levels.
BSE Sensex: (36093) The support for the Sensex is 35980-35800-35770-35660 and the resistance to the up move is at 36180-36290-36465-36540 levels.
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