Market Consolidating For Now, Go Long At dips Until Nifty Holds 9750 On Closing Basis
Last Trading Session: Indian Stock Market opened flat with positive bias for the day. EquityPandit predicted that Indian Stock Market would continue to see positive momentum but would see some immediate resistance in 9860-9885 zone and exactly same happened. Indian Stock Market moved sharply positive but saw highs right below EquityPandit’s predicted resistance level of 9885 for Nifty. Sensex also saw strong resistance at EquityPandit’s predicted resistance levels of 31688. Finally, Indian Stock Market closed flat for the day. Nifty closed right below EquityPandit’s predicted resistance levels of 9860.
Today: Indian Stock Market to open flat with positive bias. Technically, Indian Stock Market is still in negative zone and analysis would remain same. BankNifty would enter into positive zone once it closes above 24351 whereas Nifty would enter into positive zone if it closes above 9901 levels. Nifty still possess some immediate resistance in 9860-9885 zone. 9950 is a major resistance for Nifty and the level to watch for, as breaching 9950 would confirm double bottom pattern, which is bullish in nature. If Nifty managed to breach 9950 in next few days then we would head towards new highs but until then market would continue to trade rangebound. Once Nifty closes above 9901 and BankNifty closes above 24351, traders can go long in index. Overall, 9750 is strong support for Nifty on closing basis, so traders can go long at dips with strict stoploss of 9750 on closing basis. Closing below 9750 would be very negative for the trend and Nifty would head towards 9550 in that case.
FIIs were net sellers of Rs.696.93 crores whereas DIIs were net buyers of Rs.1044.38 crores in cash market for last trading session. Nifty would see strong support at 9815-9785-9750-9710 whereas strong resistance would be seen at 9860-9885-9911-9928 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
Click Here to Check the Trend Of Major Indices and Stocks
Stocks In F&O Ban Period: DLF, GMR Infra, HDIL, Indiabulls Real Estate, JP Associate, JSW Energy and Justdial.
NSE Nifty: (9857) The support for the Nifty is 9815-9785-9750-9710 and the resistance to the up move is at 9860-9885-9911-9928 levels.
NSE BankNifty: (24274) The support for BankNifty is at 24234-24170-24066-23925 and the resistance to the up move is at 24460-24535-24625-24720 levels.
BSE Sensex: (31596) The support for the Sensex is at 31470-31420-31340-31265 and the resistance to the up move is at 31688-31770-31860-31938 levels.
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