Initiate Long Positions Only If Nifty Closes Above 7505 Levels, Until Then Hold Short Positions
Last Trading Session: Indian Stock Market opened positive for the day. Market moved sharply positive and saw highs near 7504 levels for Nifty. BankNifty also closed above 15000 levels. Finally, Market settled gap positive for the day.
Today: Indian Stock Market to open negative. Technically, Indian Stock Market is in negative zone. Market closed just near reversal levels. Nifty would enter into positive zone if it closes above 7505 levels whereas BankNifty would enter into positive zone once it closes above 15200 levels. Now it would be interesting to see whether market enters into positive zone or again fell down. Global Market are not supporting and they may take Indian Stock Market in deep negative. So, traders should continue to hold short positions as of now with strict stoploss of 7505 levels for Nifty and 15200 levels for BankNifty by Closing but once market closes above these levels then traders can initiate fresh long positions. FIIs were net sellers of Rs.606.83 crores whereas DIIs were net buyers of 760.02 crores in last trading session. Nifty would see strong support at 7400-7367-7224-7200 whereas strong resistance would be seen at 7505-7606-7663 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 to be disclosed today: Balrampur chini, BBTC, Bombay Dyeing, Geometric Ltd, GlaxoSmithkline Gonsumer Healthcare, Gujarat Gas, Inox Wind, IPCA Laboratories, JK tyre, Monsanto, Piramal, Polaris, PTC India, SRF Ltd and TV Today.
NSE Nifty: (7489) The support for the Nifty is 7400-7367-7224-7200 and the resistance to the up move is at 7505-7606-7663 levels.
NSE BankNifty: (15162) The support for BankNifty is at 14920-14825-14700-14621 and the resistance to the up move is at 15200-15380-15520-15600 levels.
BSE Sensex: (24617) 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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