Buy At Dips And Short At Rally Until Nifty Holds 9609 On Closing Basis
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened gap negative for the day. EquityPandit predicted that huge volatility would be seen in the market and traders can buy at dips and sell at rally until Nifty holds 9609 levels on closing basis and exactly same happened. Indian Stock Market moved sharply negative after opening and saw lows right near EquityPandit’s predicted support levels of 9600 like a dot. Market recovered from there and managed to close above EquityPandit’s predicted reversal levels of 9609 levels. Finally, Indian Stock Market closed gap negative for the day.
Today: Indian Stock Market would open positive. Technically, Indian Stock Market is still in positive zone until Nifty holds 9609 levels. Some short covering can’t be ruled out after yesterday’s downfall. Still 9600 would act as immediate support for Nifty and breaching which, downside would open till 9580-9570 which would act as immediate support levels for Nifty. CPI Inflation fell to 2.18 percent in May, lowest in last 5 years due to fall in food prices. This opens the scope of rate cut by RBI in near future but this also indicate weaker economic activity and poor demand. If Nifty closes below 9609 levels, then it would enter into negative zone. As of now, traders can go long at dips and short at rally until Nifty breaches the range of 9609-9700 on either side. Market would also keenly look at US FED Interest rate policy on June 14, this week.
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FIIs were net sellers of Rs.169.25 crores whereas DIIs were net sellers of Rs.63.11 crores in cash market for last trading session. Nifty would see strong support at 9609-9600-9580-9550 whereas strong resistance would be seen at 9650-9684-9705-9715 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: (9616) The support for the Nifty is 9609-9600-9580-9550 and the resistance to the up move is at 9650-9684-9705-9715 levels.
NSE BankNifty: (23470) The support for BankNifty is at 23440-23380-23240 and the resistance to the up move is at 23510-23580-23630-23708 levels.
BSE Sensex: (31096) The support for the Sensex is at 31060-30940-30865 and the resistance to the up move is at 31225-31345-31380-31430-31505 levels.
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