Market Overstretched But Reversal To Be Seen Only If Nifty Closes Below 8351

Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat with just 3 points positive for Nifty. EquityPandit predicted that Indian Stock Market is in positive zone but market would consolidate until Nifty breaches 8460 levels. Indian Stock Market moved positive but saw profit booking at higher levels as predicted by EquityPandit. Sensex also saw highs right at EquityPandit’s predicted resistance levels of 27385 like a dot. Market fell down from there and saw lows right at EquityPandit’s predicted support levels of 8380 like a dot. Finally, Indian Stock Market closed flat for the day.

Today: Indian Stock Market would open flat with positive bias. Technically, Indian Stock Market is still in positive zone. Market looks to be overstretched and we can expect some profit booking at this point of time. BankNifty still looks stronger than Nifty and other indices. Market would see reversal once it closes below 8351 levels for Nifty and 18862 levels for BankNifty. Once Market closes above these levels, traders can initiate fresh short in the market. Until then traders can hold long positions with strict stoploss of 8351 for Nifty spot levels on closing basis. Consolidation would continue until Nifty breaches 8460-8500 levels on the positive side.

FIIs were net buyers of Rs.142.21 crores whereas DIIs were net sellers of Rs.607.23 crores in cash market for last trading session. Nifty would see strong support at 8380-8351-8325-8300-8240 whereas strong resistance would be seen at 8430-8457-8500 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 Results To Be Disclosed Today: Hindustan Media Ventures, KPIT, Sterlite Technologies and Trident Limited.

NSE Nifty: (8398) The support for the Nifty is 8380-8351-8325-8300-8240 and the resistance to the up move is at 8430-8457-8500 levels.

NSE BankNifty: (19067) The support for BankNifty is at 19000-18940-18825-18734 and the resistance to the up move is at 19140-19330-19435-19490 levels.

BSE Sensex: (27235) The support for the Sensex is at 27160-27060-26950-26870 and the resistance to the up move is at 27385-27450-27600 levels.

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