Bank Nifty Discounted and Can See Breakout Anytime, Go Long At Dips
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened negative for the day though some positive jerk was seen while opening. EquityPandit predicted that sharp correction would be seen in the market but traders should go long at dips in the market and exactly same happened. Indian Stock Market opened flat due to positive jerk but within a minute, it has seen sharp downfall. BankNifty fell down sharply upto 16000 levels. Market recovered from day lows but saw strong resistance at EquityPandit’s predicted resistance levels of 7926 for Nifty and 25885 for Sensex like a dot. Nifty achieved EquityPandit’s predicted targets of 7888. Traders, who followed EquityPandit’s advice to go long at dips, might have earned huge profits for the day. BankNifty closed right above EquityPandit’s support levels of 16218 like a dot. Finally, Indian Stock Market closed positive with some pressure on BankNifty.
Today: Indian Stock Market would open positive for the day. Technically, Indian Stock Market is still in positive zone. Overall, trade is still in positive direction and Next target for Nifty is 8000 whereas next targets for BankNifty is 16500-17000 levels. As said earlier, Banking Sector is highly discounted, so traders should go long in BankNifty at dips. The fair value of BankNifty at this point of time should be around 17000 levels but it is lot discounted due to many economy and NPA issues. We can anytime see a sharp breakout in BankNifty. FIIs were net buyers of Rs.977.98 crores whereas DIIs were net sellers of Rs.313.22 crores in cash market for last trading session. Nifty would see strong support at 7850-7775-7730-7715 whereas strong resistance would be seen at 7980-8005-8025-8080 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 Today: Network18 Media, TV18, VST Industries and Wipro Ltd.
NSE Nifty: (7915) The support for the Nifty is 7850-7775-7730-7715 and the resistance to the up move is at 7980-8005-8025-8080 levels.
NSE BankNifty: (16223) The support for BankNifty is at 16218-16060-15933-15760 and the resistance to the up move is at 16380-16540-16700-16780 levels.
BSE Sensex: (25816) The support for the Sensex is at 25630-25540-25445-25365 and the resistance to the up move is at 25885-25936-26035-26200 levels.
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