Nifty to Open Gap Negative, Next Breakdown would be Seen If Nifty Breaches 7500 Levels

Last Trading Session: Indian Stock Market opened positive for the day. Equitypandit predicted that short covering rally(Positive rally) would be seen in the market but every positive rally would be an opportunity for traders to go short in the market and exactly same happened. Indian Stock Market opened gap positive and moved sharply positive on account of short covering but was not able to sustain those levels and fell down sharply from there.Sensex also saw highs right at EquityPandit’s predicted resistance levels of 25082 like a dot. Traders, who followed EquityPandit’s advice to go short at every positive movement might have earned huge profits for the day. Finally, Indian Stock Market closed positive for the day.

Today: Indian Stock Market would open gap negative for the day. Technically, Indian Stock Market is still in negative zone. Indian Market would consolidate for some time in the range of 7530-7680. Now, next breakdown would be seen only if Nifty breaches levels of 7500 levels. Maximum Open interest is seen at 7500 levels for Nifty and hence, if level of 7500 for Nifty is breached, an another breakdown would be seen that may take Nifty to 7367-7200 levels. FIIs were net seller of Rs.1236.95 crores whereas DIIs were net buyers of 1003.99 crores in last trading session. Nifty would see strong support at 7530-7500-7475-7367 whereas strong resistance would be seen at 7606-7675-7755-7800 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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NSE Nifty: (7601) The support for the Nifty is 7530-7500-7475-7367 and the resistance to the up move is at 7606-7675-7755-7800 levels.

NSE BankNifty: (16143) The support for BankNifty is at 16012-15933-15819-15760 and the resistance to the up move is at 16164-16258-16380-16500 levels.

BSE Sensex: (24934) The support for the Sensex is at 24850-24773-24644-24488 and the resistance to the up move is at 24988-25082-25120-25225 levels.

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