Sharp Bounce Expected Today, Positive Trend Confirmation Only If Nifty Closes Above 9568
Last Trading Session: Indian Stock Market opened flat for the day. EquityPandit predicted that Indian Stock Market is still in negative zone and traders can go short at every positive rally or hold short positions until Nifty holds below 9560 and exactly same happened. Indian Stock Market moved positive but was not able to hold in positive region and fell down sharply. Nifty saw support right at EquityPandit’s predicted support levels of 9475 like a dot. 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 gap positive. Technically, Analysis would still remain same and Indian Stock Market, including Nifty, BankNifty and Sensex is still in negative zone. Today is F&O Expiry and we would see huge swing in the market. Nifty has witnessed strong support near 9475 levels and hence there is strong chance of bounce back from the current levels on expiry and hence traders should remain cautious for today. Market would enter into positive zone only if it closes above 9568 for Nifty and 23458 levels for BankNifty. But If Nifty breaches levels of 9475 levels on downside with volumes, we would see it falling down near to 9440 levels.
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FIIs were net sellers of Rs.469.09 crores whereas DIIs were net buyers of Rs.168.97 crores in cash market for last trading session. Nifty would see strong support at 9475-9440-9400-9370 whereas strong resistance would be seen at 9568-9580-9620-9637 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: (9491) The support for the Nifty is 9475-9440-9400-9370 and the resistance to the up move is at 9568-9580-9620-9637 levels.
NSE BankNifty: (23236) The support for BankNifty is at 23110-23040-22945-22830 and the resistance to the up move is at 23367-23475-23540 levels.
BSE Sensex: (30834) The support for the Sensex is at 30795-30712-30660-30515 and the resistance to the up move is at 31000-31061-30110-31225 levels.
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