Nifty In Consolidation Range Of 9020-9123, Initiate Long Only If It Closes Above 9123

Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened gap positive for the day. EquityPandit predicted that BankNifty has covered the gaps that was generated few days back so we would see short covering rally for the day and exactly same happened. Indian Stock Market moved sharply positive for the day. Traders, who followed EquityPandit’s advice might have earned huge profits for the day. Finally, Indian Stock Market closed gap positive for the day. Sensex closed right below our resistance of 29340 levels like a dot.

Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still negative. Further short covering can be seen but now, it is a tricky situation. Market is in consolidation range of 9020-9123 levels. Technically, Market would see reversal (enter positive trend), if it closes above 9123 levels for Nifty and 21049 levels for BankNifty. Once the market closes above 9123 levels for Nifty and 21049 levels for BankNifty, then traders can close all short positions and initiate fresh long positions because in that case market would see new highs. But until then, market would be considered in negative trend and every positive rally would be a selling opportunity. Risk averse traders should wait for nifty to close out of 9020-9123 range and then take the trade in same direction.

FIIs were net buyers of Rs.1094.44 crores whereas DIIs were net sellers of Rs.590.78 crores in cash market for last trading session. Nifty would see strong support at 9045-9020-8997-8970 whereas strong resistance would be seen at 9130-9150-9180 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: (9086) The support for the Nifty is 9045-9020-8997-8970 and the resistance to the up move is at 9130-9150-9180 levels.

NSE BankNifty: (20896) The support for BankNifty is at 20780-20675-20550-20450 and the resistance to the up move is at 20965-21060-21146-21280 levels.

BSE Sensex: (29332) The support for the Sensex is at 29200-29145-29060-29000-28945 and the resistance to the up move is at 29485-29585-29660 levels.

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