Market In Negative Zone But Some Bounce Back Can Be Seen In Nifty

Last Trading Session: Indian Stock Market opened flat for the day. EquityPandit predicted that Nifty is still in negative zone. EquityPandit predicted that Nifty is in negative zone but BankNifty is still in positive zone and would enter into negative zone once it breaches 21581 levels. EquityPandit also predicted that BankNifty has seen SHOOTING STAR candlestick patter with stochastic in overbought region and hence would see sharp downfall and exactly same happened. BankNifty moved sharply negative as per EquityPandit’s predictions and closed above EquityPandit’s predicted support levels of 21540. Traders, who followed EquityPandit’s advice might have earned huge profits for the day. Finally, Indian Stock Market closed flat for the day whereas BankNifty closed gap negative for the day.

Today: Indian Stock Market would open flat. Technically, Indian Stock Market including Nifty, BankNifty and Sensex are in negative zone. Nifty has formed HAMMER Candlestick Pattern with stochastic in oversold region and hence we can see some sharp bounce back in Nifty from support levels at this point of time but Nifty would enter into short term positive zone only if it closes above 9164 levels. For now, Nifty would see immediate resistance near 9135-9165-9185 levels and downside is open until 9050-9000 levels. BankNifty has recently entered into negative zone and further downfall would be seen in BankNifty in upcoming days after some short covering rally. Overall market would consolidate in a rangebound region and traders can go long at EquityPandit’s support and short at EquityPandit’s predicted resistance levels.

FIIs were net sellers of Rs.673.38 crores whereas DIIs were net buyers of Rs.525.52 crores in cash market for last trading session. Nifty would see strong support at 9080-9045-9020-8997 whereas strong resistance would be seen at 9135-9165-9185-9220 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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Important Corporate Results Today: Cyient, Hindustan Zinc and Mindtree.

NSE Nifty: (9104) The support for the Nifty is 9080-9045-9020-8997 and the resistance to the up move is at 9135-9165-9185-9220 levels.

NSE BankNifty: (21556) The support for BankNifty is at 21470-21400-21331-21250 and the resistance to the up move is at 21607-21740-21790-21840 levels.

BSE Sensex: (29337) The support for the Sensex is at 29200-29145-29060-29000-28945 and the resistance to the up move is at 29485-29585-29660 levels.

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