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Last Trading Session: Exactly as predicted by EquityPandit, that market would open positive with atleast 70+ points for Nifty and 250+ points for sensex and profit booking would be seen at higher levels but market would close positive and exactly same happened. Market opened exactly near EquityPandit’s predicted levels of 70+ for Nifty and 250+ for sensex and then had seen profit booking but closed in positive region. Nifty saw resistance exactly near EquityPandit’s predicted resistance levels of 5020 and closed near those levels.
Today: Market likely to open negative with atleast 40 points for Nifty and 130 points for Sensex.Technically, market should now remain in consolidated region of 4900-5200 for next few days. Technically 5050-5200 would act as strong resistance levels and 4920-4900 would act as immediate supports. Now market can see some profit booking at these levels. But overall market is positive until other important data is disclosed. There are many US and Indian data still pending to be disclosed this week, which would further define the Indian Stock Market direction. Details of which can be seen here. Since EquityPandit’s support and resistance levels always meet accuracy, hence traders are suggested to follow them for good profits.
BSE Sensex: (16677) The support for the Sensex is 16412-16241 and the resistance to the up move is at 16812-17000.
NSE Nifty: (5001) The support for the Nifty is at 4920-4900 and the resistance to the up move is at 5020-5050-5200.