Nifty To See Strong Resistance At 9560-9580, Hold Short For Now
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat for the day. EquityPandit predicted that some short covering rally can be seen but traders should go short at every positive rally in the market with target of 9475 levels for Nifty and exactly same happened. Indian Stock Market moved positive while opening but saw strong resistance right near EquityPandit’s predicted resistance levels of 9620 for Nifty. Market fell down sharply from there and saw lows right at EquityPandit’s predicted targets of 9475 levels like a dot. Traders, who followed EquityPandit’s advice might have earned whopping profits for the day. Finally, Indian Stock Market closed gap negative for the day.
Today: Indian Stock Market would open negative. Technically, Indian Stock Market, including Nifty, BankNifty and Sensex is still in negative zone. Nifty managed to close above 9500 levels in last trading session. Now 9560 would act as immediate resistance for Nifty where it has taken support since last 1 month. Since, We are heading towards F&O Expiry and hence we may see volatility but still every positive rally would be considered as shorting opportunity until Nifty holds below 9560 levels. Traders should hold short positions for now. Breaching 9473, would force Nifty to move towards next logical targets of 9440-9400-9370.
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FIIs were net buyers of Rs.292.11 crores whereas DIIs were net sellers of Rs.148.54 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 9560-9580-9620-9637 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: (9511) The support for the Nifty is 9475-9440-9400-9370 and the resistance to the up move is at 9560-9580-9620-9637 levels.
NSE BankNifty: (23216) The support for BankNifty is at 23040-22945-22830-22727 and the resistance to the up move is at 23245-23367-23475-23440 levels.
BSE Sensex: (30958) The support for the Sensex is at 30845-30712-30660-30515 and the resistance to the up move is at 31061-30110-31225-31345 levels.
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