Last Trading session-Exactly as predicted by EquityPandit,Indian Stock Market opened negative. Predicted,that market is still in negative trend and traders can hold short positions until Nifty breaches 8079 levels. Market moved sharply lower and saw lows right near, predicted support levels of 25877 levels for Sensex. Finally, Indian Stock Market closed flat for the day. Nifty closed right on resistance levels of 7985 like a dot.
Today Indian Stock Market would open negative. Indian Stock Market is still in negative zone. Market would still see sideways movement in a range bound region due to lack of volumes on Christmas holidays. We are approaching F&O Expiry and hence some volatility would be seen in market but would still remain range bound. Traders should initiate fresh long positions ONLY if Nifty closes above 8053 levels and BankNifty closes above 18092 levels. Until then hold short positions. 7920 would still act as strong support levels for Nifty. Closing below 7900 would be very negative for Nifty as it would confirm a long Head and Shoulder pattern that would result in a big downfall. So, traders should consider these levels in their trading decisions.