Market To Remain Choppy, Go Long Only If Nifty Closes Above 9170
Last Trading Session: Indian Stock Market opened flat with positive bias. EquityPandit predicted that market would remain bearish until it holds below 9170 by closing and traders can continue to hold short positions until then. Indian Stock Market moved sharply positive and saw highs right near Equitypandit’s predicted reversal levels of 9170. Market saw sharp downfall from there and finally closed marginally positive for the day. BankNifty saw lows right near EquityPandit’s predicted resistance levels of 17665 and closed negative for the day.
Today: Indian Stock Market would open negative. Technically, Indian Stock Market is still in negative zone and market would continue to remain rangebound for now. Analysis would remain same. Market would enter positive zone once it closes above 9170 for Nifty and 18508 for BankNifty. For now, Indian Stock Market would remain choppy and would see sideways movement with overall bearish sentiments. Traders should initiate fresh long only if market closes above 9170 but until then trade is to go short at every positive movement near resistance levels.
Check the Trend Of Major Indices and Stocks
FIIs were net sellers of Rs.258.73 crores whereas DIIs were net buyers of Rs.401.78 crores in cash market for last trading session. Nifty would see strong support at 9024-8980-8900-8821 whereas strong resistance would be seen at 9127-9156-9204-9265 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
Important Results To Be Disclosed Today: Alembic Pharmaceuticals, BASF India, Bayer Crop Science, Bosch, Essel Propack, Godrej Industries Ltd, Honeywell Automation India, IDFC First Bank, JSW Steel, Orient Cement, Supreme Industries, Trend, UPL and WABCO India Ltd.
NSE Nifty: (9106) The support for the Nifty is 9024-8980-8900-8821 and the resistance to the up move is at 9127-9156-9204-9265 levels.
NSE BankNifty: (17735) The support for BankNifty is 17665-17480-17245-17035 and the resistance to the up move is 18075-18390-18532 levels.
BSE Sensex: (30933) The support for the Sensex is 30762-30680-30460-30335 and the resistance to the up move is at 31125-31390-31611-31880 levels.
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