F&O Expiry Today, Hold Long Positions Only if Nifty Closes Above 8597 Levels
Last Trading Session: Indian Stock Market Opened flat with positive bias. EquityPandit predicted that market would remain volatile in a rangebound region but overall market would be positive bias and exactly same happened. Indian Stock Market moved in a rangebound region and saw support right near EquityPandit’s predicted support levels of 27950 for Sensex. Market recovered from day lows and managed to close positive for the day. EquityPandit suggested traders to buy at dips with strict stoploss of EquityPandit’s predicted support levels. Traders who followed EquityPandit’s advice might have earned huge profits for the day.
Today: Indian Stock Market would open flat. Today is F&O Expiry for the month and huge volatility would be seen. Technically, Indian Stock Market is in positive trend. Analysis would still remain same. Market would still be considered positive until BankNifty holds 19211 on Intraday basis and 19166 on closing basis for spot levels. BankNifty would see sharp breakout if it breaches 19500 levels, Until then market would continue to sideways movement between EquityPandit’s predicted support and resistance levels. Traders can hold long positions in BankNifty and Nifty until it holds 19166 levels for BankNifty and 8597 for Nifty on closing basis. Breaching these levels would force market to see a sharp downfall in days to come and traders can initiate fresh short positions in that case.
FIIs were net sellers of Rs.39.28 crores whereas DIIs were net buyers of Rs.129.18 crores in cash market for last trading session. Nifty would see strong support at 8580-8550-8530-8500 whereas strong resistance would be seen at 8685-8707-8741-8775 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: (8650) The support for the Nifty is 8580-8550-8530-8500 and the resistance to the up move is at 8685-8707-8741-8775 levels.
NSE BankNifty: (19356) The support for BankNifty is at 19211-19166-19080-19950-18825 and the resistance to the up move is at 19500-19660-19800-20000 levels.
BSE Sensex: (28060) The support for the Sensex is at 27950-27870-27736 and the resistance to the up move is at 28180-28294-28340-28500 levels.
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