Nifty To See Some Relief Rally, Immediate Resistance At 9860-9885
Last Trading Session: Indian Stock Market opened gap negative as per EquityPandit’s predictions. EquityPandit predicted that Nifty would see sharp correction below 9880 levels and exactly same happened. Indian Stock Market opened at 9886 levels for Nifty but saw a sharp downfall once it breached 9880 levels. Nifty saw lows right at EquityPandit’s predicted support levels of 9785 like a dot. Finally, Indian Stock Market closed gap negative for the day.
Today: Indian Stock Market to open gap positive. Technically, Nifty has entered into negative zone but BankNifty is still in positive zone. Market would see some relief rally post this sharp downfall that was seen yesterday but 9860-9885 would again act as immediate resistance for Nifty. Nifty would see sharp downfall if it breaches 9740 on intraday basis or closes below 9750. Nifty is forming Symmetrical Triangle Pattern that suggest a sharp movement on either side in upcoming days. So breaching 9740 on downside would initiate a sharp correction whereas closing above 9931 would force the index to breach 10000 levels. Traders should wait for clear direction before taking heavy positions.
FIIs were net sellers of Rs.1459.64 crores whereas DIIs were net buyers of Rs.1391.33 crores in cash market for last trading session. Nifty would see strong support at 9785-9740-9710-9685 whereas strong resistance would be seen at 9828-9860-9885-9931 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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Stocks In F&O Ban Period: BEML, DLF, GMRINFRA, HDIL, IBREALEST, INDIACEM, JSWENERGY, JUSTDIAL and RELCAPITAL.
NSE Nifty: (9796) The support for the Nifty is 9785-9740-9710-9685 and the resistance to the up move is at 9828-9860-9885-9931 levels.
NSE BankNifty: (24129) The support for BankNifty is at 24066-23935-23882-23822 and the resistance to the up move is at 24237-24350-24460-24535 levels.
BSE Sensex: (31388) The support for the Sensex is at 31340-31265-31220-31128 and the resistance to the up move is at 31538-31600-31756-31810 levels.
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