Nifty Enters Positive Zone But Some Correction To Be Seen, Go Long At Dips

Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat for the day. EquityPandit predicted that some positive movement can’t be ruled out. EquityPandit also predicted that market would enter into positive zone if Nifty manages to close above 8800 levels and traders can take long positions home, if that happens. Indian Stock Market saw some positive movement as per EquityPandit’s predictions. Indian Stock Market saw resistance near EquityPandit’s predicted resistance levels of 8830 for Nifty. Finally, Indian Stock Market closed positive for the day.

Today: Indian Stock Market would open flat with negative bias. Now Technically, Nifty has entered into positive zone but BankNifty is still in negative zone. BankNifty would enter into positive zone once it closes above 20080 levels. Market would see some correction after 4 days of positive closing but this correction would be temporary in nature. For now, traders can go long in Nifty at every dip in the market. Once BankNifty enters into positive zone, we would see sharp breakout in Indian Stock Market that may lead market towards lifetime highs. Nifty may see some immediate resistance at 8850 levels breaching which Nifty would see a sharp positive rally. IT Index has also entered into positive zone and one can go long in IT stocks like TCS or HCL Tech at dips, for short term view. IT Stocks may see some sharp positive movement in days to come. FMCG Stock Jubilant Foodworks has entered into negative zone today and traders can go short in Jubilant Food for excellent profits. The stock would see sharp downfall in days to come.
FIIs were net buyers of Rs.205.38 crores whereas DIIs were net sellers of Rs.252.28 crores in cash market for last trading session. Nifty would see strong support at 8774-8700-8688-8665 whereas strong resistance would be seen at 8830-8850-8900-8970 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 Q1 Results To Be Disclosed Today: Escorts Ltd, HT Media, Nirlon and NTPC.

NSE Nifty: (8808) The support for the Nifty is 8774-8700-8688-8665 and the resistance to the up move is at 8830-8850-8900-8970 levels.

NSE BankNifty: (19907) The support for BankNifty is at 19840-19730-19595-19495 and the resistance to the up move is at 20001-20080-20140-20240-20350 levels.

BSE Sensex: (28635) The support for the Sensex is at 28550-28490-28312-28250 and the resistance to the up move is at 28780-28880-28950-29080 levels.

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