Market Would Remain In Negative Zone Until Nifty Closes Above 8120 Levels

Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened gap negative for the day. EquityPandit predicted that Market would open gap negative but some positive reaction cannot be ruled out and exactly same happened. Indian Stock Market opened gap negative but recovered and saw highs near EquityPandit’s predicted resistance levels. BankNifty saw strong resistance near EquityPandit’s predicted resistance levels of 17570 levels but closed below those levels. Nifty also closed below EquityPandit’s predicted resistance levels of 8110 levels. Finally, Indian Stock Market closed flat for the day.

Today: Indian Stock Market would open negative. Technically, Indian Stock Market is still in negative zone. Market may see some positive reaction after a flat to negative opening but it would be considered negative until BankNifty closes above 17560 levels and Nifty closes above 8120 levels. If Market managed to close above 8120 levels for Nifty and 17560 levels for BankNifty then it would enter into positive zone and traders should take long positions home. Until then all positive rally is a shorting opportunity.
FIIs were net sellers of Rs.146.11 crores whereas DIIs were net sellers of Rs.147.07 crores in cash market for last trading session. Nifty would see strong support at 8030-8000-7980-7940-7900 whereas strong resistance would be seen at 8120-8145-8180-8240 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: (8095) The support for the Nifty is 8030-8000-7980-7940-7900 and the resistance to the up move is at 8120-8145-8180-8240 levels.

NSE BankNifty: (17515) The support for BankNifty is at 17300-17195-17050-16960 and the resistance to the up move is at 17560-17620-17652-17827 levels.

BSE Sensex: (26403) The support for the Sensex is at 26215-26128-26060-25950 and the resistance to the up move is at 26500-26687-26822 levels.

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