Last Trading Session: Exactly as predicted by EquityPandit that market would open flat and may see further selling and 5420-5400 would act as strong support for Nifty and 17850 for Sensex and exactly same happened. Market opened flat with 5 points positive for Nifty and tried to recover but fell down sharply from there. Market saw strong supports at EquityPandit’s predicted support levels of 5420-5400 for Nifty and 17850 for Sensex like a dot. Finally market closed deep red showing weakness.

Today: Market likely to open flat. Market is still weak for short term. 5400 levels would be important levels to be looked at.  Breaching levels of 5400 for Nifty would entitle market for prolonged negativity and then 5200 levels can be tested again. Below 5400, 5350 would act as immediate supports and 5280-5200 would act as very strong support for Nifty, whereas strong resistance would be seen at 5550 for Nifty. World’s leading economies (G20) worked on Sunday to line up a deal in April on a second global rescue package worth nearly $2 trillion to stop the euro-zone sovereign debt crisis, this may be seen as a very strong movement and all global market can see positive trends in days to come. Union Budget would be major Indian event in month of March, which would keep market highly volatile, so traders should trade in small quantity.  Since EquityPandit’s support and resistance levels always meet accuracy, hence traders are suggested to follow them for good profits.

BSE Sensex: (17923) The support for the Sensex is 17850-17740-17600 and the resistance to the up move is at 18250-18425.

NSE Nifty: (5429) The support for the Nifty is at 5350-5280 and the resistance to the up move is at 5550.

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