Some Profit Booking Would be seen today on F&O Expiry, Short If Nifty Closes Below 7850

Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat for the day. EquityPandit predicted that market is in positive zone but it would consolidate in a rangebound region for last 2 days of the year and exactly same happened. BankNifty saw highs right near EquityPandit’s predicted resistance levels of 17015 levels. Finally, Indian Stock Market saw profit booking at higher levels and closed right above EquityPandit’s predicted support levels of 7893 for Nifty and 25950 for Sensex like a dot.

Today: Indian Stock Market would flat. Today is F&O Expiry and some further profit booking can’t be ruled out. Indian Stock Market is still in positive zone but trader should watch important support of 7850 levels for Nifty. Nifty would enter into negative zone once it closes below levels of 7850 whereas BankNifty would enter into negative zone if it closes below levels of 16770. If Nifty or BankNifty closes below these levels then traders can exit long positions and initiate fresh short positions in the market. Until then traders can hold long positions. FIIs were net buyers of Rs.152.20 crores whereas DIIs were net sellers of Rs.74.41 crores in last trading session. Nifty would see strong support at 7850-7825-7775 whereas strong resistance would be seen at 7980-8005-8035 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: (7929) The support for the Nifty is 7893-7850-7825-7775 and the resistance to the up move is at 7980-8005-8035 levels.

NSE BankNifty: (16991) The support for BankNifty is at 16840-16750-16650-16560 and the resistance to the up move is at 17015-17111-17230-17305 levels.

BSE Sensex: (25960) The support for the Sensex is at 25850-25688-25540 and the resistance to the up move is at 26060-26185-26250-26431 levels.

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