Market To Open Gap Negative, RBI Policy To Decide Further Direction
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened opened flat with positive bias. EquityPandit predicted that market may see some correction but overall market is positive and traders should go long at dips in the market. EquityPandit also predicted that Nifty would see strong support at 7700 levels and exactly same happened. Indian Stock Market opened positive but saw sharp correction from there. Nifty saw strong support right at EquityPandit’s predicted support levels of 7700 like a dot. BankNifty also closed right below EquityPandit’s predicted resistance levels of 16200. Finally, Market recovered and closed near to the day highs as per EquityPandit’s predictions. Traders, who followed EquityPanit’s advice might have earned huge profits for the day.
Today: Indian Stock Market would open gap negative for the day. Technically, Indian Stock Market is still in positive zone but some correction would definitely be seen in initial trading hours. 7700 would act as immediate support for Nifty on closing basis, breaching which by closing, Market would enter into weaker zone. Today is the D-day. RBI Policy would be disclosed today at 11:00 AM. Rate cut is expected but two possibilities can be seen. First, if RBI sees Rate cut of 50 bps, which street is expecting, in that case we would see sharp positive movement and levels of 17000 would be seen for BankNifty in days to come. Secondly, If RBI anounces rate cut of 25 bps, in that case we would see some sharp negative jerk but it would be temporary in nature and would again recover in few hours or few days. Overall, Market is positive and every dip would be an opportunity for traders to go long in the market until Nifty hold 7641 levels by closing. FIIs were again net buyers of Rs.236.82 crores whereas DIIs were net sellers of Rs.333.74 crores in last trading session. Nifty would see strong support at 7700-7675-7645-7600 whereas strong resistance would be seen at 7785-7805-7855-7888-7954 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
Click Here to Check the Trend Of Major Indices and Stocks
NSE Nifty: (7759) The support for the Nifty is 7700-7675-7645-7600 and the resistance to the up move is at 7785-7805-7855-7888-7954 levels.
NSE BankNifty: (16191) The support for BankNifty is at 16012-15933-15819-15760 and the resistance to the up move is at 16380-16500-16670-16800 levels.
BSE Sensex: (25400) The support for the Sensex is at 25200-25110-25012-24950 and the resistance to the up move is at 25572-25660-25831-26060 levels.
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