Nifty Enters Negative Zone, Strong Resistance At 9900 For Now
Last Trading Session: Indian Stock Market opened gap negative for the day. EquityPandit predicted that Market would see profit booking before breaching 10000 levels for Nifty. EquityPandit also predicted that a dip is sure to come and traders should remain cautious and same happened. Nifty moved sharply negative. Traders who followed the advice might have been able to avoid this downfall. Finally, Indian Stock Market closed gap negative for the day.
Today: Indian Stock Market to open flat with positive bias. Technically, Nifty entered into negative zone as it closed below 9848 levels. Some small short covering rally can be seen after a sharp downfall yesterday but Nifty has formed a Doji Candlestick pattern that suggest indecisiveness and Market would see further downfall. Now 9900 would act as strong resistance for Nifty and immediate resistance would be seen at 9850 levels. Next Logical targets for Nifty would be 9780-9720 levels, which would also act as support for the index. BankNifty is still in positive zone and relatively strong. BankNifty would enter into negative zone only if it closes below 23804 levels. Fresh Long positions should only be made if Nifty closes above 9911 levels.
FIIs were net buyers of Rs.317.44 crores whereas DIIs were net sellers of Rs.975.01 crores in cash market for last trading session. Nifty would see strong support at 9778-9737-9700 whereas strong resistance would be seen at 9855-9880-9900-9918 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: Bajaj Finance, Bajaj Finserv, Canara Bank, Havells India, KPIT Technologies, Mindtree, Sanofi India and Sterlite Technologies Ltd.
NSE Nifty: (9827) The support for the Nifty is 9778-9737-9700 and the resistance to the up move is at 9855-9880-9900-9918 levels.
NSE BankNifty: (24022) The support for BankNifty is at 23940-23880-23800-23740 and the resistance to the up move is at 24090-24180-24270 levels.
BSE Sensex: (31711) The support for the Sensex is at 31660-31500-31426 and the resistance to the up move is at 31885-31950-32090 levels.
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