Market Still Rangebound, Go Long At Dips and Short At Positive Rally
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened negative for the day. EquityPandit predicted that market would remain rangebound, so trade is to go short at positive movement and long at dips. EquityPandit also predicted that Nifty would see strong resistance at 7228 levels and exactly same happened. Nifty opened negative and moved sharply positive but saw strong resistance right at EquityPandit’s predicted resistance levels of 7228 like a dot. Traders, who followed EquityPandit’s advice might have earned huge profits for the day. Finally, Indian Stock Market closed flat with positive bias for the day.
Today: Indian Stock Market to open positive for the day. Technically, analysis would remain same. Indian Stock Market is still in positive zone but overall market sentiment is bearish. For now, Indian Stock Market would remain rangebound with bearish sentiments and trade is still to go long at downfall and go short at positive movement. Nifty would enter into negative zone if it closes below 7033 levels. BankNifty, if closes below 13965 levels, it would enter into negative zone. Until then traders can go long near 14000 levels and short near 14400-14500 levels. FIIs were net sellers of Rs.191.73 crores whereas DIIs were net buyers of Rs.16.53 crores in last trading session. Nifty would see strong support at 7120-7033-6995-6868 whereas strong resistance would be seen at 7228-7240-7280-7323 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
Click Here to Check the Trend Of Major Indices and Stocks
NSE Nifty: (7211) The support for the Nifty is 7120-7033-6995-6868 and the resistance to the up move is at 7228-7240-7280-7323 levels.
NSE BankNifty: (14344) The support for BankNifty is at 14200-14120-13969-13800 and the resistance to the up move is at 14400-14504-14605-14700 levels.
BSE Sensex: (23709) The support for the Sensex is at 23600-23508-23450-23312 and the resistance to the up move is at 23862-23938-24060 levels.
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