Nifty Still Consolidating, Go Long Only If It Closes Above 9911
Last Trading Session: Indian Stock Market opened flat with positive bias. EquityPandit predicted traders to go long only if Nifty closes above 9911 levels. Nifty moved positive but saw sharp profit booking and fell down below 9900 levels. Finally, Indian Stock Market closed negative for the day but BankNifty was still strong and made record highs for the day.
Today: Indian Stock Market to open flat. Technically, Nifty is still in negative zone whereas BankNifty is still in positive zone. Nifty would enter into positive zone only once it closes above 9911 levels and if that happened then it would breach 10000 levels in days to come. Until then market would continue to consolidate. If Nifty is not able to close above 9911 levels then it may retest the levels of 9800 in days to come. Reliance Industries Limited posted better results than street expectations and may open gap positive. It may help Nifty to move higher. Intraday resistance would be seen at 9930 levels for Nifty breaching which Nifty would move sharply positive. Strong support lies at 9800 levels whereas immediate support can be seen at 9848-9820 levels for Nifty.
FIIs were net buyers of Rs.154.91 crores whereas DIIs were net buyers of Rs.0.08 crores in cash market for last trading session. Nifty would see strong support at 9848-9820-9800-9778 whereas strong resistance would be seen at 9900-9918-9930-9970 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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Important Results To Be Disclosed Today: Ashok Leyland, Atul Ltd. Can Fin Homes, DHFL, Indian Bank, Mangalore Refinery and Petrochemicals, Persistent Systems and Tata Sponge Ltd.
NSE Nifty: (9873) The support for the Nifty is 9848-9820-9800-9778 and the resistance to the up move is at 9900-9918-9930-9970 levels.
NSE BankNifty: (24213) The support for BankNifty is at 24170-24060-23940-23880 and the resistance to the up move is at 24270-24336-24380-24450 levels.
BSE Sensex: (31904) The support for the Sensex is at 31850-31718-31660 and the resistance to the up move is at 32090-32110-32180-32240 levels.
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