Nifty To See Sharp Recovery Backed By Positive US Job Report
Last Trading Session: Indian Stock Market opened positive exactly as predicted by EquityPandit. EquityPandit predicted that traders should initiate long positions only if Nifty closes above 10305 levels and exactly same happened. Indina Stock Market moved sharply positive but saw strong resistance near 10300 levels for Nifty. Finally, market fell down sharply from EquityPandit’s predicted resistance levels and managed to close negative for the day.
Today: Indian Stock Market would open gap positive. Technically, Nifty and BankNifty are still in negative zone. But Indian Stock Market would open gap positive backed by positive US Job reports. Market would see sharp recovery but now we need to check whether market manages to close above 10350 from market has taken breakdown. Though Market would see reversal once it closes above 10305 but closing above 10350 would confirm that the bottom has been seen for the short term and market would see sharp recovery. Overall, traders can close all short positions and intiate fresh long positions once Nifty manages to close above 10305 levels.
FIIs were net buyers of Rs.550.36 crores whereas DIIs were net sellers of Rs.65 crores in cash market for last trading session. Nifty would see strong support at 10146-10097-10065-10000 whereas strong resistance would be seen 10305-10350-10437-10500 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: BALRAMCHIN, DHFL, IDBI and JPASSOCIAT.
NSE Nifty: (10227) The support for the Nifty is 10146-10097-10065-10000 and the resistance to the up move is at 10305-10350-10437-10500 levels.
NSE BankNifty: (24296) The support for BankNifty is at 24270-24150-24050 and the resistance to the up move is at 24490-24584-24730-24880 levels.
BSE Sensex: (33307) The support for the Sensex is at 33280-33139-33040 and the resistance to the up move is at 33439-33546-33715 levels.
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