Indian Market May See Some Correction as Global Markets Near Resistance
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat for the day. EquityPandit predicted that market has entered into positive zone and traders should go long at every dip in the market and exactly same happened. Indian Stock Market moved sharply positive after flat opening as predicted by EquityPandit. Market fell down sharply but recovered during closing. Nifty saw highs right near EquityPandit’s predicted resistance levels of 7780 like a dot. BankNifty also achieved EquityPandit’s target of 16200 levels. Traders, who followed EquityPandit’s advice might have earned huge profits for the day. Finally, Indian Stock Market closed flat for the day.
Today: Indian Stock Market would open gap negative for the day. Technically, Indian Stock Market is still in positive zone but global market is near a critical resistance which would force Indian Stock Market to see some correction now. Traders should hold long only until Nifty holds 7700 levels by closing. 7800 levels for Nifty is the next target and may achieve in days to come but the levels of 7700 by closing is important level to watch out for. US Index Dow Jones have entered into Monthly (Long-term) Positive zone but has strong resistance at 17800 on intraday basis and 17750 by closing basis. So, Until, these levels are not breached going long would remain risk for Indian Stock Market, so traders should hedge any long positions with Put options. FIIs were again net buyers of whooping Rs.4056.62 crores whereas DIIs were net sellers of Rs.2890.57 crores in last trading session. FIIs have closed March 2016 by net inflows of Rs.24,201.51 crores. Nifty would see strong support at 7700-7675-7645-7600 whereas strong resistance would be seen at 7785-7805-7855-7888 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
NSE Nifty: (7738) The support for the Nifty is 7700-7675-7645-7600 and the resistance to the up move is at 7785-7805-7855-7888 levels.
NSE BankNifty: (16142) The support for BankNifty is at 16012-15933-15819-15760 and the resistance to the up move is at 16200-16258-16380-16500 levels.
BSE Sensex: (25342) The support for the Sensex is at 25200-25110-25012-24950 and the resistance to the up move is at 25382-25572-25660-25831 levels.
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