Continue Long Positions Or Buy At Dips Until Nifty Holds 9602 On Closing Basis
Last Trading Session: Indian Stock Market, including Nifty and BankNifty opened negative for the day as per EquityPandit’s predictions. EquityPandit predicted that market would see sharp profit booking but traders can go long at dips with strict stoploss of 9602 on closing basis and exactly same happened. Indian Stock Market saw sharp profit booking as per predictions but recovered sharply in the latter half of the trading session confirming that bulls are still stronger. Traders, who followed EquityPandit’s suggestions and went long at dips might have earned huge profits for the day. Finally, Indian Stock Market closed flat to minor negative for the day.
Today: Indian Stock Market would open flat. Technically, Indian Stock Market, including Nifty, BankNifty and Sensex are still in positive zone. Overall, market would be considered positive until it holds 9602 levels on closing basis. Indian Stock Market would see reversal only if it closes below 9602 levels for Nifty and 23518 levels for BankNifty. Until then traders can continue to hold long positions or buy at dips. Traders can close all long positions and initiate fresh short positions only if Nifty closes below 9602 levels but until then every downfall would be an opportunity for traders to go long in the market.
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FIIs were net sellers of Rs.152.82 crores whereas DIIs were net sellers of Rs.41.39 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 9651-9688-9700-9710 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: (9634) The support for the Nifty is 9620-9602-9585-9560 and the resistance to the up move is at 9651-9688-9700-9710 levels.
NSE BankNifty: (23698) 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: (31284) The support for the Sensex is at 31163-31025 and the resistance to the up move is at 31380-31430-31505 levels.
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