Market May See Some Recovery, Go Long With Stoploss At 6820 For Nifty

Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat for the day. EquityPandit predicted that market may see strong support at 6820 levels whereas resistance would be seen around 7100 levels and exactly same happened. Indian Stock Market moved sharply negative to create a new 52-week lows of 6825, just near EquityPandit’s predicted support levels. Market recovered from day lows and saw highs just near EquityPandit’s predicted resistance levels of 7100. BankNifty also closed just at EquityPandit’s predicted resistance levels of 13950 like a dot. Finally, Indian Stock Market closed negative for the day but BankNifty outperformed the market for the day.

Today: Indian Stock Market would open positive for the day. Technically, BankNifty is strong and traders can initiate long positions in BankNifty. Indian Stock Market saw lows right near support levels and recovered from those levels, so there is strong probability that market would recover to some extent. Traders can initiate long positions in BankNifty and could take long positions home if BankNifty closes above 14008 levels. Breaching levels of 6820 for Nifty would force market to see a sharp breakdown. Traders can go long in Nifty on dips with strict stoploss below 6820 levels for Nifty. FIIs were net sellers of Rs.2018.02 crores whereas DIIs were net buyers of Rs.1445.25 crores in last trading session. Nifty would see strong support at 6968-6905-6820-6750 whereas strong resistance would be seen at 7100-7186-7240-7300 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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NSE Nifty: (6987) The support for the Nifty is 6968-6905-6820-6750 and the resistance to the up move is at 7100-7186-7240-7300 levels.

NSE BankNifty: (13946) The support for BankNifty is at 13818-13660-13500-13330 and the resistance to the up move is at 14008-14120-14200-14400 levels.

BSE Sensex: (23002) The support for the Sensex is at 22909-22600-22500 and the resistance to the up move is at 23450-23510-23600-23862 levels.

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