Last Trading Session: Exactly as predicted by EquityPandit that market would open flat and would see further positive movements with strong resistance near 16950 levels for Sensex and same happened. Market opened flat with +4 points for Nifty and +3 points for Sensex as per EquityPandit’s prediction. Market moved positive but saw strong resistance at EquityPandit’s predicted resistance levels of 16950 for Sensex like a dot. Finally market closed just below EquityPandit’s predicted resistance levels for Nifty and Sensex.

Today: Indian Stock Market likely to open flat with negative bias as weak U.S. retail sales raised concerns about sluggish economic growth and Italy debt sale is also raising worries. Indian Stock Market is in positive momentum and may see levels of 5185-5200 touching soon if everything goes fine. Market direction would be further decided on Monday by RBI Rate cut. Market would remain highly volatile due to European Union Elections ahead on 17 June, 2012. Nifty possess strong resistance at 5145-5185-5200 levels whereas supports may be seen at 5100 levels for Nifty. Closing below levels of 5100 may further drag market downside. Since EquityPandit’s support and resistance levels always meet accuracy, hence traders are suggested to follow them for good profits.

BSE Sensex: (16880) The support for the Sensex is 16770-16600 and the resistance to the up move is at 16950-17050.

NSE Nifty: (5121) The support for the Nifty is at 5100-5060 and the resistance to the up move is at 5145-5185-5200.

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