Market To See Further Choppiness And Would Turn Bearish If Nifty Closes Below 12504
Last Trading Session: Indian Stock Market opened negative as predicted. EquityPandit predicted that the market is still in a positive zone but now profit booking would be seen in the market and exactly the same happened. EquityPandit also suggested traders to book partial profits in long positions. Market moved sharply negative on profit booking as predicted. Finally, Indian Stock Market closed the gap negative for the day.
Market Today: Indian Stock Market would open gap negative. Technically, Indian Stock Market is still in the positive zone. Market would enter into a negative zone only once it closes below 12504 for Nifty and 27762 for BankNifty. EquityPandit predicted on Wednesday that Indian Market is in its last stage of upmove and markets have been collecting since then. Market would see further profit booking but traders should initiate short positions only if the market closes below EquityPandit’s predicted reversal levels. Market likely to see sideways movement for now.
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FIIs were net buyers of Rs.1514.12 crores whereas DIIs were net sellers of Rs.2239.43 crores in the cash market for the last trading session. Nifty would see strong support at 12580-12515-12440-12365 whereas strong resistance would be seen at 12745-12815-12880-12940 levels. EquityPandit’s support and resistance levels always meet accuracy and hence traders are suggested to follow them for good profits.
NSE Nifty: (12691) The support for the Nifty is 12580-12515-12440-12365 and the resistance to the up move is at 12745-12815-12880-12940.
NSE BankNifty: (28279) The support for BankNifty is 28070-27940-27800-27715 and the resistance to the up move is 28430-28515-28670-28800.
BSE Sensex: (43357) The support for the Sensex today is 43270-43110-42940-42815 and the resistance to the up move is at 28515-28675-43740-43800 levels.
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