Last Trading Session: Exactly as predicted by EquityPandit that market likely to open flat and would see some short covering (positive reaction) but it is still weak and would see further downtrend and Nifty would see strong support at 4950 for Nifty and 16380 for Sensex. Market has seen flat pre-market opening as predicted by EquityPandit. Market has seen strong reaction in early session as expected and then fell down sharply as predicted by EquityPandit. Market saw strong support at Equitypandit’s predicted support levels of 4950 for Nifty and 16380 for Sensex like a dot. Finally market ended flat with negative bias.

Today: Indian Stock Market likely to open negative with 10-30 points for Nifty and 40-80 points for Sensex. Indian Stock market is still weak but it is overstretched and can see some short covering (positive reaction). But breaching the levels of 4950 would take market further down to next support. The positive movement would be seen just as a reaction and would not be considered positive until it breaches 5080 levels with force. Nifty possess immediate support at 4950 and strong support at 4915-4850 whereas, strong resistance would be seen at 5075-5100 for Nifty. Traders should be very cautious and trade with strict support and resistance levels. Overall market would be rangebound and would remain in the same range for upcoming days until support and resistance is breached. Since EquityPandit’s support and resistance levels always meet accuracy, hence traders are suggested to follow them for good profits.

Indian Data to watch today: IIP Numbers

Key Results Today: Balaji Telefilms, Dr.Reddys Lab, Federal Bank, Indian Bank, Moser Baer, MTNL, Torrent Power.

BSE Sensex: (16420) The support for the Sensex is 16380-16270 and the resistance to the up move is at 16600-16720-16800.

NSE Nifty: (4966) The support for the Nifty is at 4950-4915-4850 and the resistance to the up move is at 5075-5100.

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

Premium Subscription Pricing details can be seen at Pricing