Market to see Sharp Correction, Watch out 7780 or 7910 for further direction
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened positive for the day. EquityPandit predicted that traders can hold long positions with stoploss of 7780 and targets of 7926-7980 levels and exactly same happened. Market moved sharply positive and saw highs of 7940 levels for Nifty achieving EquityPandit’s target for Nifty. Traders who followed EquityPandit’s advice might have earned huge profits for the day. Finally, Indian Stock Market closed positive for the day but just below EquityPandit’s predicted resistance levels of 7896 for Nifty.
Today: Indian Stock Market would open negative. Technically, Indian Stock Market is still in positive zone. Now, Nifty would see some sharpcorrection today. Nifty is moving in a rangebound region. Nifty needs to close above 7910 levels to see a breakout in days to come or else has to close below 7780 levels to see a breakdown. Breaching any of these levels by closing would force market to move sharply in that direction. Traders can buy near support and sell near resistance levels until any of these levels are not breached on closing basis. FIIs were net sellers of Rs.224.97 crores whereas DIIs were net buyers of Rs.384.67 crores in cash market for last trading session. Nifty would see strong support at 7815-7780-7730-7715 whereas strong resistance would be seen at 7896-7926-7980 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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Important Results Today: Balkrishna Industries, Corporation Bank, Dalmia Bharat, IFB Industries, Indian Hotels, JK Lakshmi Cement, JSW Steel, PTC India, Punjab National Bank, Tata Communications and Torrent Power.
NSE Nifty: (7891) The support for the Nifty is 7815-7780-7730-7715 and the resistance to the up move is at 7896-7926-7980 levels.
NSE BankNifty: (16763) The support for BankNifty is at 16605-16518-16380-16190 and the resistance to the up move is at 16890-16950-17100-17160 levels.
BSE Sensex: (25774) The support for the Sensex is at 25685-25578-25500-25445 and the resistance to the up move is at 25885-25956-26060 levels.
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