Nifty Still Positive, Immediate Support At 9630, Reversal Below 9594
Last Trading Session: Indian Stock Market opened positive. EquityPandit predicted that traders should go long at dips until Nifty holds 9580 levels for targets of 9700 and exactly same happened. Indian Stock Market consolidated for past few days but moved positive and achieved EquityPandit’s predicted targets of 9700 for Nifty. Traders, who followed EquityPandit’s advice might have earned huge profits for the day. Finally, Indian Stock Market closed positive for the day.
Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still in positive zone. BEARISH ENGULFING Candlestick Pattern on Tuesday and DOJI Candlestick Pattern on Wednesday suggest that Nifty is showing bearish signals but still in indecisive mode. 9630 is the immediate strong support for Nifty and traders can hold long positions until 9630 holds for Nifty on closing basis. BankNifty has made new record highs and still very strong. Overall market is strong until Nifty holds 9630 levels. Nifty can see some profit booking below 9630 levels but would see support at 9600-9580 levels. Traders can initiate fresh short positions only if Nifty closes below 9594 levels on closing basis. Market is already at its highs and profit booking cant be ruled out at this point of time so, fresh long should not be taken until Nifty holds above 9700 levels.
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FIIs were net buyers of Rs.73.79 crores whereas DIIs were net buyers of Rs.166.22 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 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: (9664) The support for the Nifty is 9630-9600-9580 and the resistance to the up move is at 9684-9705-9715 levels.
NSE BankNifty: (23568) 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: (31271) 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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