Nifty Needs To Break 10300-10523 Range For Decisive Breakout In Either Direction
Last Trading Session: Indian Stock Market opened positive exactly as predicted by EquityPandit. EquityPandit predicted that some short covering rally would be seen but market would trade in a range and exactly same happened. Indian Stock Market opened gap positive and saw downfall from there. BankNifty saw highs right at EquityPandit’s predicted resistance levels of 25000 like a dot and fell down from there to see lows right at EquityPandit’s predicted support levels of 24798 like a dot. Finally, Indian Stock Market managed to close positive for the day.
Today: Indian Stock Market would open negative. Technically, Indian Stock Market is still in negative zone. Today, market would remain highly volatile on F&O Expiry. Market is still in the range. Closing below 10300 would force Nifty to see levels of 10100 whereas closing above 10523 would force Nifty to see reversal and traders can initiate fresh long positions in that case. Traders can trade in the range of 10300-10523 considering these as support and resistance respectively. Nifty needs to close out of this range to see a decisive move in that direction. Traders can take fresh short or long positions only if Nifty closes out of this range but until then traders can trade in this range with proper stoplosses.
FIIs were net sellers of Rs.1214.18 crores whereas DIIs were net buyers of Rs.1375.48 crores in cash market for last trading session. Nifty would see strong support at 10300-10275-10100-10065 whereas strong resistance would be seen 10451-10500-10618-10700 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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NSE Nifty: (10397) The support for the Nifty is 10300-10275-10100-10065 and the resistance to the up move is at 10451-10500-10618-10700 levels.
NSE BankNifty: (24937) The support for BankNifty is at 24798-24618-24500 and the resistance to the up move is at 25000-25075-25200-25340 levels.
BSE Sensex: (33845) The support for the Sensex is at 33480-33313-33180-33000 and the resistance to the up move is at 34000-34225 levels.
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