Sharp Correction Would be Seen But Go Long At Dips
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened gap positive for the day. EquityPandit predicted that market would see sharp breakout and exactly same happened. EquityPandit also suggested traders to either hold long positions and next target would be 7800-7888 for Nifty and 16200-16500 for BankNifty which finally got achieved. Indian Stock Market opened gap positive and saw a sharp breakout as predicted by EquityPandit. Traders who followed EquityPandit’s advice might have earned whopping profits for the day. Nifty and BankNifty closed right below EquityPandit’s predicted resistance levels of 7855 and 16280 like a dot. EquityPandit was the first research company to predict this breakout at 15568 for BankNifty and 7555 for Nifty. EquityPandit has also advised traders to go long in BankNifty and Nifty on April 11, 2016 at those levels. Market saw a sharp breakout since then. Finally, Indian Stock Market closed gap positive for the day.
Today: Indian Stock Market would open gap negative. Technically, Indian Stock Market is still in positive zone. Infosys has disclosed better than expected results and hence would see sharp positive movement. Sharp profit booking (sharp correction) can be seen in the market today but traders should continue to buy at dips and book partial profits at higher levels near EquityPandit’s suggested resistance levels. Overall, trade is in positive direction and Next target for Nifty is 7888-8000 whereas next targets for BankNifty is 16500-17000 levels, if Nifty managed to hold 7700 levels. Banking Sector is highly discounted, so traders should go long in BankNifty at dips. The fair value of BankNifty at this point of time should be around 16800 but it is lot discounted due to many economy and NPA issues. FIIs were net buyers of Rs.644.27 crores whereas DIIs were net buyers of Rs.269.89 crores in cash market for last trading session. Nifty would see strong support at 7825-7775-7730-7715 whereas strong resistance would be seen at 7888-7926-7980-8005 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: (7850) The support for the Nifty is 7825-7775-7730-7715 and the resistance to the up move is at 7888-7926-7980-8005 levels.
NSE BankNifty: (16279) The support for BankNifty is at 16218-16060-15933-15760 and the resistance to the up move is at 16380-16540-16700-16780 levels.
BSE Sensex: (25627) The support for the Sensex is at 25540-25445-25365-25200 and the resistance to the up move is at 25790-25885-25936-26035 levels.
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