Market would See Some Correction, Traders Should Buy At Dips

Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat for the day with 1 point positive for Nifty. EquityPandit predicted that some profit booking (negative movement) can’t be ruled out but traders should buy at dips and exactly same happened. Indian Stock Market saw strong resistance right near EquityPandit’s predicted resistance levels of 7520 for Nifty and 24786 for Sensex and fell down from there. BankNifty fell down sharply but saw strong support right near EquityPandit’s predicted support levels of 15060 like a dot. Sensex also closed right at EquityPandit’s predicted resistance levels of 24660 like a dot. Finally, Indian Stock Market recovered but anyhow closed negative for the day.

Today: Indian Stock Market would open negative for the day. Technically, Indian Stock Market is still in positive zone but some further profit booking (negative movement) would be seen in the market. Now as per the retracement theory, Nifty and BankNifty would see some negative reaction (correction) and would settle down near 7300-7250 for Nifty and 14850-14600 for BankNifty. Once the market settles at those levels, we would again see another positive rally from there. FIIs were huge buyers into Indian Stock Market for 5 consecutive days for the first time in last 4 months and that’s the good sign for Indian Stock Market. FIIs were again net buyers of Rs.775.07 crores whereas DIIs were net sellers of Rs.1341.51 crores in last trading session. Nifty would see strong support at 7440-7400-7367-7330 whereas strong resistance would be seen at 7550-7620-7663-7700 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: (7485) The support for the Nifty is 7440-7400-7367-7330 and the resistance to the up move is at 7550-7620-7663-7700 levels.

NSE BankNifty: (15339) The support for BankNifty is at 15240-15060-15000-14920 and the resistance to the up move is at 15380-15520-15600 levels.

BSE Sensex: (24659) The support for the Sensex is at 24488-24380-24206 and the resistance to the up move is at 24660-24786-24915-24988 levels.

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