Market Consolidated For A Week, Nifty Ready For A 9630-9700 Range Breakout
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat for the day. EquityPandit predicted that market is still positive but showing bearish signals and hence profit booking would be seen at higher levels and exactly same happened. Indian Stock Market moved positive but saw strong resistance right at EquityPandit’s predicted resistance levels of 9684 for Nifty and 23660 for BankNifty like a dot. Market rebounded from day highs right at EquityPandit’s predicted resistance levels and fell down sharply. Traders, who followed EquityPandit’s advice might have earned huge profits for the day. Finally, Indian Stock Market closed negative for the day.
Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still in positive zone. Market has been consolidating for more than a week now and we would soon see a big move in upcoming days. Market is rangebound as Nifty possess strong support at 9630-9600-9580 levels whereas resistance is been seen at 9700 levels. So, Nifty needs to breach any of these levels to see further movement. Downfall is limited as market has many supports nearby. Traders can hold long positions until Nifty holds 9630 levels and initiate fresh short positions if Nifty closes below 9594 levels. Until then traders can hold long positions but book profits near 9680-9700 levels and wait for Nifty to breach 9700 levels for initiating fresh long positions.
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FIIs were net buyers of Rs.90.78 crores whereas DIIs were net buyers of Rs.738.78 crores in cash market for last trading session. Nifty would see strong support at 9630-9600-9580 whereas strong resistance would be seen at 9684-9705-9715-9725 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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NSE Nifty: (9647) The support for the Nifty is 9630-9600-9580 and the resistance to the up move is at 9684-9705-9715-9725 levels.
NSE BankNifty: (23536) The support for BankNifty is at 23420-23380-23240-23180 and the resistance to the up move is at 23600-23660-23740 levels.
BSE Sensex: (31213) The support for the Sensex is at 31170-31060-30940-30865 and the resistance to the up move is at 31345-31380-31430-31505 levels.
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