Market to see further positive movement today but breakout would be seen only if Nifty breaches 7850 levels

Last Trading Session: Exactly as predicted by EquityPandit, Nifty opened flat for the day. EquityPandit predicted that market may go up and the trade is to hold long positions until Nifty closes below 7730 levels. EquityPandit also predicted that overall, market would end up in consolidation for upcoming days and exactly same happened. Indian Stock Market moved sharply positive but was not able to sustain higher levels. Market fell down sharply on account of profit booking by the end of the trading session. BankNifty also saw highs right at EquityPandit’s predicted resistance levels of 16940. Finally, Indian Stock Market closed negative for the day.

Today: Indian Stock Market would open gap positive. Technically, Indian Stock Market is still in positive zone and we would see further positive movement for now. Nifty may see positive momentum only if it breaches levels of 7850 on the positive side. Else market would again see profit booking at higher levels and consolidate in the range of 7600-7850for the rest of December due to year closing and holidays. FIIs were net buyers of Rs.168.73 crores whereas DIIs were net buyers of Rs.238.36 crores in last trading session. Nifty would see strong support at 7730-7715-7700-7680 whereas strong resistance would be seen at 7850-7888-7926-7980 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: (7786) The support for the Nifty is 7730-7715-7700-7680 and the resistance to the up move is at 7850-7888-7926-7980 levels.

NSE BankNifty: (16749) The support for BankNifty is at 16650-16560-16514-16380 and the resistance to the up move is at 16940-17015-17111 levels.

BSE Sensex: (25591) The support for the Sensex is at 25540-25445-25365 and the resistance to the up move is at 25790-25885-25936-26016 levels.

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