Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened gap positive for the day. EquityPandit predicted that Indian Stock Market is in positive zone and breaching levels of 8050 would push Nifty sharply positive upto 8350 but anyhow Nifty saw strong resistance at EquityPandit’s predicted resistance levels of 8000 for Nifty. EquityPandit also predicted that BankNifty has entered into positive zone but surprisingly, Axis Bank and ICICI Bank has entered into negative zone that may resist Bank Nifty to move positive and exactly same happened. Bank Nifty saw pressure at higher levels and closed in negative. Finally, Indian Stock Market close flat for the day.

Today: Indian Stock Market would open gap positive. Technically, both Nifty and Bank Nifty are in positive zone. Analysis would still remain same. Breaching levels of 8050 for Nifty would confirm an Inverse Head and Shoulder pattern that is bullish in nature and if it happens, it would push Nifty to 8350 levels. Traders should trade long but with a caution. Surprisingly, Axis Bank and ICICI Bank, that are the major components of Bank Nifty has entered into negative zone. So, traders should put a strict stoploss of 16953 levels for Bank Nifty, breaching which traders can undoubtedly go short in the market. For now, the trade is in long direction with strict stoploss. FIIs were net buyers of Rs.48.6 crores whereas DIIs were net buyers of Rs.152.18 crores in last trading session. Nifty would see strong support at 7860-7785-7736-7678 whereas strong resistance would be seen at 8005-8021-8055-8091 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

Click Here to Read Nifty and Major Stocks Outlook for This Week 

NSE Nifty: (7954) The support for the Nifty is 7860-7785-7736-7678 and the resistance to the up move is at 8005-8021-8055-8091 levels.

NSE BankNifty: (17150) The support for BankNifty is at 16953-16875-16780-16680 and the resistance to the up move is at 17354-17450-17570-17660 levels.

BSE Sensex: (26221) The support for the Sensex is at 25918-25725-25530 and the resistance to the up move is at 26340-26471-26687 levels.

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