Nifty In The Range Of 9600-9700, Go Long Until Nifty Holds 9600 On Closing Basis
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat for the day. EquityPandit predicted that Indian Stock Market is still positive and traders should buy at dips or hold long positions until Nifty holds 9602 levels on closing basis and exactly same happened. Indian Stock Market moved sharply positive achieving EquityPandit’s predicted targets of 9684 for Nifty. Nifty saw highs right at EquityPandit’s predicted resistance levels of 9700 and lows at EquityPandit’s predicted support levels of 9620 for the trading session.EquityPandit also predicted a day before that market would see new record highs in days to come and traders can grab the opportunity to go long at every dip. Sensex and BankNifty hit new record highs yesterday and traders, who followed EquityPandit’s advice might have generated whopping profits for the day. Finally, Indian Stock Market fell from record highs and closed flat for the day.
Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still in positive zone. Market made new highs but fell down from highs, generating indecisiveness. Nifty is experiencing strong resistance at 9700 levels whereas witnessing support at 9600 levels. So until Nifty closes out of this range, best strategy for traders is to buy near support i.e. 9600 and book profits or short at resistance levels i.e.9700 levels. Once Nifty closes below 9602 levels, traders can initiate fresh short positions as in that case, Nifty may see levels of 9580-9560 but until then keep trading in the range of 9600-9700 levels. Market would see reversal i.e. would enter into negative zone only if it closes below 9602 levels for Nifty and 23610 levels for BankNifty and until then bulls would be considered stronger and traders can hold long positions. Once Nifty closes above 9700, it would march towards next target of 9800 levels.
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FIIs were net buyers of Rs.192.68 crores whereas DIIs were net buyers of Rs.455.21 crores in cash market for last trading session. Nifty would see strong support at 9620-9602-9585-9560 whereas strong resistance would be seen at 9651-9688-9700-9725 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: (9630) The support for the Nifty is 9620-9602-9585-9560 and the resistance to the up move is at 9651-9688-9700-9725 levels.
NSE BankNifty: (23736) The support for BankNifty is at 23590-23545-23475-23380 and the resistance to the up move is at 23800-23880-23945-24060 levels.
BSE Sensex: (31291) The support for the Sensex is at 311240-31163-31025 and the resistance to the up move is at 31380-31430-31505 levels.
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