Market Is Still In Correction Mode But Bounceback Would Be Seen At Lower Levels

Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened gap negative for the day. EquityPandit predicted that market would see sharp downfall and traders can go short as of now and exactly same happened. EquityPandit also predicted that Nifty would breach levels of 8800 today and would see further downfall. Market moved exactly as per EquityPandit’s predictions and saw sharp downfall. Traders who followed EquityPandit’s advice might have earned whopping profits for the day. BankNifty closed right above EquityPandit’s predicted support levels of 19787. Finally, Indian Stock Market closed gap negative for the day.

Today: Indian Stock Market would open negative. Technically, Indian Stock Market is still in negative zone. Market would see further downfall and traders can hold short positions as of now. Some buying would be seen at lower levels that may help market to see some bounce but for now, overall market is negative and every positive movement is an opportunity for traders to go short in the market and every downfall would be an opportunity to book profits near support levels. Traders should remember that this downfall is for very short term and would be considered just as correction to this positive rally but can take index to levels of 8600-8500 for Nifty and 19200-19000 for BankNifty.
FIIs were net sellers of Rs.593.61 crores whereas DIIs were net sellers of Rs.12.90 crores in cash market for last trading session. Nifty would see strong support at 8665-8630-8600-8570 whereas strong resistance would be seen at 8741-8775-8800-8830 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

Click Here to Check the Trend Of Major Indices and Stocks

Important Q1 Results To Be Disclosed Today: BEML, CESC, Den Networks, GMR Infra, Kaveri Seed, Kwality, MMTC, NBBC, Prestige Estates, Reliance Communication, Rolta India, Sunteck Realty and Unitech.

NSE Nifty: (8716) The support for the Nifty is 8665-8630-8600-8570 and the resistance to the up move is at 8741-8775-8800-8830 levels.

NSE BankNifty: (19791) The support for BankNifty is at 19730-19595-19495-19306 and the resistance to the up move is at 19880-20001-20140-20350 levels.

BSE Sensex: (28354) The support for the Sensex is at 28183-28110-27950-27870 and the resistance to the up move is at 28340-28500-28660-28780 levels.

Note:  If you wish to subscribe for premium packages or have any queries, kindly contact us or mail us at admin@equitypandit.com or call our Executive at 08000816688.

Premium Subscription Pricing details can be seen at Stock Market Premium Services