Market Is Weak And Would See Further Correction Until State Election Results

Last Trading Session: Indian Stock Market opened gap negative exactly as predicted by EquityPandit. EquityPandit predicted that market would see further downfall and next target for Nifty is set to 10750 and exactly same happened. Indian Stock Market moved sharply negative and achieved EquityPandit’s predicted target of 10750 for Nifty like a dot. Traders who followed EquityPandit’s advice might have earned huge profits for the day. BankNifty also saw lows right at EquityPandit’s predicted support levels of 26440 like a dot. Finally, Indian Stock Market closed gap negative for the day. Nifty closed right above EquityPandit’s predicted reversal levels of 10780 like a dot.

Today: Indian Stock Market would open negative. Technically, Nifty is still in positive zone but BankNifty has entered into negative zone. Nifty would enter into negative zone once it closes below 10780 levels. Market is weak and would remain bearish for now. Market would continue to see sideways movement until State Election Results that would be disclosed next week. Now, we could even see levels of 10722-10650, if Nifty manages to hold below 10860.

FIIs were net sellers of Rs.357.82 crores whereas DIIs were net sellers of Rs.791.59 crores in cash market for last trading session. Nifty would see strong support at 10722-10700-10675-10645 whereas strong resistance would be seen 10803-10820-10860-10880 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: NIL.

NSE Nifty: (10783) The support for the Nifty is 10722-10700-10675-10645 and the resistance to the up move is at 10803-10820-10860-10880 levels.

NSE BankNifty: (26520) The support for BankNifty is at 26500-26440-26365-26225 and the resistance to the up move is at 26660-26715-26800-26840 levels.

BSE Sensex: (35884) The support for the Sensex is at 35774-35670-35585-35540-35500 and the resistance to the up move is at 35970-36067-36290-36465 levels.

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