Hold Long Positions With Closing Stoploss Of 7842 Levels For Nifty

Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat with negative bias for the day. EquityPandit predicted that market is loosing momentum but traders should initiate short positions only if Nifty 50 closes below 7842 levels and until then traders should hold long positions. EquityPandit predicted that Nifty would see strength once it breaches levels of 7920 and exactly same happened.

Traders, who followed EquityPandit’s advice might have earned whopping profits for the day. Nifty saw strong support at EquityPandit’s predicted support levels of 7825 from where it bounced. BSE Sensex 30 also saw strong support right at EquityPandit’s predicted support levels of 25540 levels. Market recovered sharply from day lows and saw highs right below EquityPandit’s predicted resistance levels of 7980 like a dot. Finally, Indian Stock Market closed gap positive for the day.

Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still in positive zone and traders should continue to hold long positions for now. Nifty Bank would see some resistance near 17155 levels whereas Nifty would see some resistance at 8000-8020 levels. Closing above those levels would develop a new support for Market and a sharp bounce can be seen in the market. Now upside is open for the market and stoploss would be 7842 for Nifty on closing basis.

Till then, every dip is an opportunity for traders to go long in market. FIIs were net buyers of Rs.512.22 crores whereas DIIs were net buyers of Rs.21.21 crores in cash market for last trading session. Nifty would see strong support at 7926-7873-7842-7825 whereas strong resistance would be seen at 7980-8005-8025-8043-8091 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: Alembic Pharma, Bharti Airtel (NS: BRTI ), CEAT, Coromandel, Exide Industries (NS: EXID ), Gati (NS: GATI ), Inox Leisure (NS: INOL ), JSW Energy (NS: JSWE ), KPIT Technologies, Lakshmi Vilas Bank, Sadbhav Engineering (NS: SADE ) and Yes Bank (NS: YESB ).

NSE Nifty: (7963) The support for the Nifty is 7926-7873-7842-7825 and the resistance to the up move is at 7980-8005-8025-8043-8091 levels.

NSE BankNifty: (17003) The support for BankNifty is at 16921-16880-16780-16626 and the resistance to the up move is at 17100-17155-17218-17370 levels.

BSE Sensex: (26007) The support for the Sensex is at 25857-25622-25540-25445 and the resistance to the up move is at 26147-26200-26256-26340 levels.

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