Market To Open Gap Negative, Go Long At Dips Until Nifty Holds 9602
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat with positive bias. EquityPandit predicted that market has entered into positive zone and traders can either hold long positions or go long at dips in the market. Indian Stock Market moved positive after opening but was not able to sustain higher levels and saw some profit booking. But Nifty managed to hold its psychological levels of 9650. Finally, Indian Stock Market closed flat for the day.
Today: Indian Stock Market would open gap negative. Technically, Indian Stock Market, including Nifty, BankNifty and Sensex are still in positive zone. Market may see some sharp profit booking as crude oil saw a sharp downfall but traders can go long at dips with strict stoploss of 9602 on closing basis. Market is bullish and would move positive in cyclic manner. Every dip is an opportunity for traders to go long in the market until Nifty holds 9602 levels on closing basis. Next logical target for Nifty is 9684-9700 levels, if 9602 holds.
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FIIs were net sellers of Rs.312.84 crores whereas DIIs were net buyers of Rs.477.13 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 9688-9700-9710-9725 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: (9654) The support for the Nifty is 9620-9602-9585-9560 and the resistance to the up move is at 9688-9700-9710-9725 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: (31298) 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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