Initiate Long Positions Only If Nifty Breaches 7635 Until Then Hold Short
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat for the day. EquityPandit predicted that market would be rangebound and traders should hold short positions as of now. Indian Stock Market saw sideways movement in a rangebound region between EquityPandit’s predicted support and resistance levels. Finally, Indian Stock Market closed flat for the day.
Today: Indian Stock Market would open flat with negative bias. Technically, Indian Stock Market is still in negative zone. Analysis would still remain same. Now, trend reversal would be seen only if Nifty closes above 7635 levels and BankNifty closes above 15842 levels. If that happens, we would see a sharp breakout in the market and traders should initiate fresh long positions if these levels are breached in the market on intraday basis and take long positions home, if market closes above these levels. Some interesting observation was seen When EquityPandit did some research on FIIs trades in last couple of days. We found that FIIs trades looks like they are exiting the short positions in Stock Futures that was sold at higher levels and are accumulating long positions in index futures and hence market is not breaching its support levels. This shows that we are near to see a big breakout in the market in upcoming days. But for now, until the EquityPandit’s predicted reversal levels are not brached by closing, traders should hold short positions. FIIs were net buyers of Rs.180.27 crores whereas DIIs were net sellers of Rs.159.01 crores in cash market for last trading session. Nifty would see strong support at 7515-7485-7454-7416 whereas strong resistance would be seen at 7585-7640-7663-7700 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: (7555) The support for the Nifty is 7515-7485-7454-7416 and the resistance to the up move is at 7585-7640-7663-7700 levels.
NSE BankNifty: (15568) The support for BankNifty is at 15500-15365-15200 and the resistance to the up move is at 15605-15803-15956-16020 levels.
BSE Sensex: (24674) The support for the Sensex is at 24550-24488-24380 and the resistance to the up move is at 24805-24915-24988-25060 levels.
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