Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened gap negative. EquityPandit predicted that Nifty has entered into negative zone and now if Bank Nifty falls further then it would also enter into negative zone but anyhow, Bank Nifty saw a positive closing and hence still not confirmed negative trend. Finally, Indian Stock Market closed positive for the day.
Today: Indian Stock Market would open flat. Market is showing cyclical movement, one day positive and another day negative with overall maintaining the range. The only strategy for traders is to buy on dips and sell on every positive movement. Indian Stock Market would see consolidation until RBI Credit Policy. Today is the F&O Expiry day and we can witness huge volatility coming in. Some sharp profit booking can’t be ruled out at this point of time. Nifty has already entered into negative zone but Bank Nifty is still strong for now and yet in positive zone. Low risk trade is to go long in BankNifty and hedge it with shorts in Nifty. Bank Nifty would enter into negative zone once it breaches levels of 16975 by closing and if it happened, we would see new 52 week lows in Nifty. FIIs were net sellers of Rs.1330.12 crores whereas DIIs were net buyers of Rs.891.36 crores in last trading session. Nifty would see strong support at 7785-7736-7678-7625 whereas strong resistance would be seen at 7930-8000-8021-8055 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: (7846) The support for the Nifty is 7785-7736-7678-7625 and the resistance to the up move is at 7930-8000-8021-8055 levels.
NSE BankNifty: (17255) The support for BankNifty is at 16875-16780-16680-16515 and the resistance to the up move is at 17354-17570-17660 levels.
BSE Sensex: (25823) The support for the Sensex is at 25530-25395-25287-25119 and the resistance to the up move is at 25855-26040-26340 levels.
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