Nifty Bearish Until It Closes Above 9667, Go Short At Positive Rally
Last Trading Session: Indian Stock Market opened flat with positive bias for the day. EquityPandit predicted that Traders can go long at dips until Nifty closes below 9602. EquityPandit also predicted that traders can initiate fresh short positions below 9600 levels. Indian Stock Market opened flat and saw highs right near EquityPandit’s predicted resistance levels of 9650 for Nifty. Nifty was not able to hold above EquityPandit’s predicted resistance levels and saw a sharp downfall. Market fell below EquityPandit’s predicted reversal levels and saw lows right above EquityPandit’s predicted support levels of 9560. Finally, Indian Stock Market closed gap negative for the day.
Today: Indian Stock Market would open flat. Technically, Indian Stock Market, including Nifty, BankNifty and Sensex has entered into negative zone. Market has developed a long bearish candle and that suggest some nervousness among the bulls. Now, If Nifty breaches levels of 9560, it can move further negative towards 9520-9500-9470 levels. Some short covering rally can be seen after a sharp downfall on Friday but Nifty has now stiff resistance near 9620-9667 levels. Nifty would enter into positive zone only if Nifty closes above 9667 levels and until then bears would be in power and traders can go short at every positive rally in the market.
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FIIs were net buyers of Rs.269.95 crores whereas DIIs were net sellers of Rs.45.78 crores in cash market for last trading session. Nifty would see strong support at 9560-9520-9475 whereas strong resistance would be seen at 9620-9651-9667-9688 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: (9575) The support for the Nifty is 9560-9520-9475 and the resistance to the up move is at 9620-9651-9667-9688 levels.
NSE BankNifty: (23543) The support for BankNifty is at 23475-23440-23380-23240 and the resistance to the up move is at 23580-23630-23708-23800 levels.
BSE Sensex: (31138) The support for the Sensex is at 31060-31025-30940-30865 and the resistance to the up move is at 31225-31345-31380-31430 levels.
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