Buy On Dips and Sell On Positive Rally, Market to See Recovery in Early Trade
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market closed flat with negative bias. EquityPandit predicted that BankNifty has entered into negative zone but Nifty is still in Positive zone. EquityPandit also predicted that BankNifty would not fall due to Rate cut expectation in RBI Policy and exactly same happened. Indian Stock Market remained rangebound for the day. Sensex saw lows right at EquityPandit’s predicted support levels of 24834 like a dot. Finally, Indian Stock Market closed negative for the day.
Today: Indian Stock Market would open gap positive. Now Technically, Nifty and BankNifty has both entered into negative zone but Market would see sharp recovery during opening. Now the trading has to be little tricky as both the indices has entered the negative zone but anyhow it would open positive for the day. Market would not fall much in next 2 days until RBI Policy is declared and hence can even see some temporary positive reaction. Now, US Index Dow Jones would play a major role in Indian Stock Market. If Dow Jones manage to close above 17430 on March 31, 2016, then it would enter into monthly positive zone, which would be bullish for whole global market. Major resistance for Dow Jones would exist at 17650 levels from where it can see a reversal but breaching this level on the positive side would force US market to see a sharp breakout which would be followed by Indian Stock Market. If Indian Stock Market remained bearish before RBI Policy, then it would set the expectation down and in this case we would see sharp breakout after RBI Policy. But If Market remained bullish before RBI Policy then we would see a sharp downfall post RBI Policy as street expectations would be high. The Best strategy for traders is to buy at dips near support and sell at every positive movement near resistance. FIIs were again net buyers of Rs.513.45 crores whereas DIIs were net sellers of Rs.556.69 crores in last trading session. Nifty would see strong support at 7580-7564-7500 whereas strong resistance would be seen at 7660-7700-7730 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: (7597) The support for the Nifty is 7580-7564-7500 and the resistance to the up move is at 7660-7700-7730 levels.
NSE BankNifty: (15666) The support for BankNifty is at 15500-15365-15200 and the resistance to the up move is at 15803-15956-16020-16156 levels.
BSE Sensex: (24900) The support for the Sensex is at 24834-24680-24550 and the resistance to the up move is at 24988-25060-25120-25280 levels.
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