Market To See Sideways Movement With High Volatility Until F&O Expiry, Trade Strategically
Last Trading Session: Indian Stock Market opened flat for the day. EquityPandit predicted that Indian Stock Market is witnessing channel support and hence a sharp recovery is expected and exactly same happened. Indian Stock Market saw sharp positive rally on Friday and Monday. Traders who followed EquityPandit’s advice might have created wealth in these two days. Finally, Indian Stock Market rallied 10-15% in these two days. Yesterday market saw some rangebound movement and closed flat for the day.
Today: Indian Stock Market would open negative. Technically, Indian Stock Market is in positive zone. Indian Stock Market would see some sideways movement for next two trading sessions with high volatility due to F&O Expiry. Nifty also formed a DOJI candlestick pattern and hence market may see some dip to cover the gap it created on Monday but would recover immediately. Breaching levels of 11535 would force Nifty to see levels of 11470 whereas breaching levels of 11655 would force market to see levels of 11700 and would eventually move towards 12000. For now, the strategy for intraday traders is to go long after some dip near supports and short after a rally near resistances to generate some handsome profits but once the EquityPandit’s mentioned levels are breached, traders should cautiously trade in that direction. Market would continue to consolidate in a big range for next two days but overall, Indian Stock Market is bullish until market holds 11369 levels for Nifty and 29438 levels for BankNifty.
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FIIs were net sellers of Rs.828.49 crores whereas DIIs were net buyers of Rs.472.81 crores in cash market for last trading session. Nifty would see strong support at 11540-11498-11470-11400 whereas strong resistance would be seen at 11630-11682-11700-11730 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
Stocks In F&O Ban Period: NIL.
NSE Nifty: (11588) The support for the Nifty is 11540-11498-11470-11400 and the resistance to the up move is at 11630-11682-11700-11730 levels.
NSE BankNifty: (30183) The support for BankNifty is 30025-29970-29830-29740 and the resistance to the up move is 30280-30388-30465-30515-30660 levels.
BSE Sensex: (39097) The support for the Sensex is 38965-38870-38800-38747 and the resistance to the up move is at 39240-39380-39440-39490 levels.
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