Market To See Correction, Initiate Short Only if Nifty Breaches 7842 by Closing
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat for the day. EquityPandit predicted that market would be considered positive until Nifty holds 7842 levels. EquityPandit also predicted that BankNifty would still perform better than Nifty and exactly same happened. Finally, Indian Stock Market closed minor negative with BankNifty outperforming Nifty and Sensex.
Today: Indian Stock Market would open negative for the day. Technically, Indian Stock Market is still in positive zone but Some profit booking (correction) can’t be ruled out at this point of time. It looks that Nifty would correct before breaching levels of 8000. Levels of 8000 doesn’t look to be breached easily. Traders should wait for some correction and go long at dips. Market would see reversal if closed below 7842 levels for Nifty and 16358 levels for BankNifty and would enter into negative trend by then. If market closed below these levels then traders can initiate short positions. but until then, traders can go long at every dip in the market. FIIs were net buyers of Rs.191.07 crores whereas DIIs were net sellers of Rs.168.64 crores in cash market for last trading session. Nifty would see strong support at 7865-7842-7775-7730 whereas strong resistance would be seen at 7926-7980-8005-8025 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
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Important Results Today: ABB India, Delta Corp, Indiabulls Housing Finance, Indiabulls Real Esate, Tatasponge, UltraTech Cement and Welspun India Ltd.
NSE Nifty: (7899) The support for the Nifty is 7865-7842-7775-7730 and the resistance to the up move is at 7926-7980-8005-8025 levels.
NSE BankNifty: (16703) The support for BankNifty is at 16540-16380-16260-16200 and the resistance to the up move is at 16780-16885-16950-17100 levels.
BSE Sensex: (25838) The support for the Sensex is at 25720-25630-25540-25445 and the resistance to the up move is at 25956-26035-26200 levels.
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