Market Still in Negative Zone, Watch Out For 7500 levels for Nifty by Closing for a Further Downfall

Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened gap negative for the day. EquityPandit predicted that Indian Stock Market is still in negative zone and traders should go short. EquityPandit also predicted that market would consolidate in the range of 7530-7680 levels and a sharp downfall would be seen if Nifty closes below 7500 levels and exactly. Indian Stock Market opened sharply negative but was not able to sustain levels below 7500 for Nifty. Nifty sharply moved positive from there to see highs right at EquityPandit’s predicted resistance levels of 7606 like a dot. BankNifty also saw strong resistance near EquityPandit’s predicted resistance levels of 16164 and closed just above EquityPandit’s predicted support levels of 16012. Finally, Indian Stock Market fell down sharply from there to close in negative region.

Today: Indian Stock Market would open negative for the day. Technically, Analysis would remain same and Indian Stock Market is still in negative zone. Now Important levels to watch out for Nifty is 7500. If level of 7500 for Nifty is breached, an another breakdown would be seen that may take Nifty to 7367-7200 levels. Traders should continue to hold short positions as of now. FIIs were net seller of Rs.1319.24 crores whereas DIIs were net buyers of 900.99 crores in last trading session. Nifty would see strong support at 7500-7475-7367-7200 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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Important Results to be disclosed today: DCB Bank, Federal Bank, Indusind Bank and TCS.

NSE Nifty: (7564) The support for the Nifty is 7500-7475-7367-7200 and the resistance to the up move is at 7606-7675-7755-7800 levels.

NSE BankNifty: (16016) The support for BankNifty is at 15933-15819-15760-15625 and the resistance to the up move is at 16164-16258-16380-16500 levels.

BSE Sensex: (24825) The support for the Sensex is at 24773-24644-24488 and the resistance to the up move is at 24988-25082-25120-25225 levels.

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