Nifty Needs To Close Above 7440 Else Market Would See Breakdown Again

ast Trading Session: Indian Stock Market opened flat for the day. EquityPandit predicted that Bank NIFTY is in positive zone and Nifty 50 needs to close above 7440 to enter into positive zone until then it would still remain in negative zone. EquityPandit also predicted that Crude Oil would see sharp positive movement for the day and exactly same happened.

Nifty moved sharply positive but was not able to sustain the higher levels and fell down sharply to close just above EquityPandit’s predicted support levels of 7420 levels. BSE Sensex 30 also saw highs right near EquityPandit’s predicted resistance levels of 24580. Crude Oil saw sharp jump as predicted by EquityPandit. Finally, Indian Stock Market closed negative for the day with strong pressure on BankNifty.

Today: Indian Stock Market would open flat. Technically, BankNifty is still in positive zone whereas Nifty is in negative zone. Indian Stock Market has lost its positive momentum. Market is not holding higher levels and Nifty has continuosly been closed below EquityPandit’s predicted reversal levels. It looks that market would again see downfall.

If Nifty is not able to close above levels of 7440 and BankNifty closes below 15240 levels then we would see a big breakdown again in the market. Traders can go short in Nifty at this point of time with strict stoploss of 7440 by closing. Nifty needs to close above 7440 levels to enter into positive zone. FIIs were net seller of Rs.961.82 crores whereas DIIs were net buyers of 394.22 crores in last trading session.

Nifty would see strong support at 7367-7330-7302-7224 whereas strong resistance would be seen at 7475-7507-7567-7606 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

Important Results to be disclosed today: GIC Housing Finance, IRB, JSW Steel (NS: JSTL ), L&T, NTPC (NS: NTPC ), Pidilite, Praj Industries (NS: PRAJ ), PVR, Siemens (NS: SIEM ), Suzlon Energy, TVS Motor, UPL (NS: UPLL ) and Yes Bank (NS: YESB ).

NSE Nifty: (7425) The support for the Nifty is 7367-7330-7302-7224 and the resistance to the up move is at 7475-7507-7567-7606 levels.

NSE BankNifty: (15381) The support for BankNifty is at 15336-15200-15060-14950 and the resistance to the up move is at 15475-15600-15680-15805 levels.

BSE Sensex: (24470) The support for the Sensex is at 24400-24245-24156-24080 and the resistance to the up move is at 24580-24660-24786-25915 levels.

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