Nifty To Enter Positive Zone If Closes Above 9847, Sharp Downfall Below 9685
Last Trading Session: Indian Stock Market opened flat as predicted by EquityPandit. EquityPandit predicted that market would see nearest support at last pivot level of 9685 for Nifty and it is important level to watch out from where Nifty rebounded in last correction. Indian Stock Market opened flat and fell down sharply to see lows right at EquityPandit’s predicted support of 9685 for Nifty like a dot. Market rebounded exactly from EquityPandit’s suggested levels and moved sharply positive to see highs right at EquityPandit’s predicted resistance levels of 9780 for Nifty and 31345 for Sensex like a dot. BankNifty recovered smartly to see a close above 24000 levels. Finally, Indian Stock Market closed positive for the day.
Today: Indian Stock Market to open flat with positive bias. Technically, Indian Stock Market is still in negative zone. The downfall halted right at EquityPandit’s predicted support levels of 9685 for Nifty and now, traders can wait for Nifty to close out of 9847-9685 range for next breakout. Closing above 9847 would force Nifty to resume its positive movement whereas closing below 9685 could force further downfall upto 9600-9500 in days to come. Traders should wait for either of the two levels (9847 or 9685) to be breached and initiate the trade in that direction. Market would enter into positive zone only if it closes above 9847 for Nifty and 24157 levels for BankNifty and in that case traders can initiate fresh long positions. But until then traders can wait for confirmation of the direction as market has paused after a big downfall.
FIIs were net sellers of Rs.5328.46 crores whereas DIIs were net buyers of Rs.5196.60 crores in cash market for last trading session. Nifty would see strong support at 9710-9685-9640-9608 whereas strong resistance would be seen at 9800-9820-9847-9885 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: NIL.
NSE Nifty: (9769) The support for the Nifty is 9710-9685-9640-9608 and the resistance to the up move is at 9800-9820-9847-9885 levels.
NSE BankNifty: (24008) The support for BankNifty is at 23800-23740-23660-23500 and the resistance to the up move is at 24090-24180-24270-24336 levels.
BSE Sensex: (31282) The support for the Sensex is at 31180-31060-30940-30865 and the resistance to the up move is at 31345-31380-31430-31505 levels.
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