Event-Packed Week, Nifty Reversal Only Below 9609, Volatility To Increase
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat for the day. EquityPandit predicted that market is still positive and traders should hold long positions until Nifty closes below 9630 levels and exactly same happened. Indian Stock Market moved sharply negative and saw lows at 9608 levels. Market saw sharp recovery from day lows and managed to close positive for the day.
Today: Indian Stock Market would open gap negative. Technically, Indian Stock Market is still in positive zone. Nifty would see reversal i.e. would enter into negative zone only if it closes below 9609 levels on spot basis. Market has witnessed strong resistance near 9700 levels and strong hands looks to book profits at this point of time. IT stocks would witness huge pressure whereas Auto and Banking stocks would try to hold market. Nifty may open gap negative but some recovery would be seen after opening. If BankNifty is not able to hold then market would see some further downfall. Traders can initiate fresh short positions only if Nifty managed to close below 9609 levels as market is overstretched but until then traders can buy at dips. Overall, Nifty is trading in 9609-9700 range and traders can buy at dips and short at rally until this range breaks on closing basis.
Furthermore, this week is events packed week as IIP for April and CPI for May would be disclosed on June 12, WPI on June 14 and Trade data on June 15, would affect direction of Indian Stock Market. On Global front, FED meeting that would start on June 12 and FED Interest rate decision would be disclosed on June 14, this week. Street expects further rate hike this month by 25 bps and hence US FED Policy would affect market across the globe.
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FIIs were net sellers of Rs.100.99 crores whereas DIIs were net buyers of Rs.324.7 crores in cash market for last trading session. Nifty would see strong support at 9609-9600-9580 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.
Click Here to Check the Trend Of Major Indices and Stocks
NSE Nifty: (9668) The support for the Nifty is 9609-9600-9580 and the resistance to the up move is at 9684-9705-9715-9725 levels.
NSE BankNifty: (23690) The support for BankNifty is at 23545-23475-23380-23240 and the resistance to the up move is at 23708-23740-23800-23880 levels.
BSE Sensex: (31262) 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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