Nifty Rangebound Until It Closes Out Of 9750-9931 Range, F&O Expiry Today
Last Trading Session: Indian Stock Market opened gap positive as per EquityPandit’s predictions. EquityPandit predicted that Nifty would see some relief rally but immediate resistance would be placed at 9860-9885 zone and exactly same happened. Indian Stock Market opened gap positive for the day and moved further positive as predicted by EquityPandit. Finally, Indian Stock Market closed gap positive for the day. Nifty closed right at EquityPandit’s predicted resistance levels of 9885 like a dot.
Today: Indian Stock Market to open flat. Technically, Nifty is in negative zone but BankNifty is still in positive zone. Market is still in consolidation. As stated earlier, Nifty is forming a Symmetrical Triangle Pattern which suggest sharp movement in days to come. Nifty needs to close above 9931 to see sharp positive movement whereas a close below 9750 would initiate a sharp correction in the market. Until then Market would remain rangebound. Since, today is F&O Expiry and hence volatility is not ruled out. Until Nifty breaches either of these levels, traders should remain cautious. Traders can go long near EquityPandit’s predicted support levels and short near EquityPandit’s predicted resistance levels until either of these two levels breaches. Breaching levels of 9931 would infuse fresh buying and market would see sharp breakout. Whereas breaching levels of 9750 on downside would infuse fresh selling and market would see a sharp breakdown.
FIIs were net sellers of Rs.12.46 crores whereas DIIs were net buyers of Rs.290.78 crores in cash market for last trading session. Nifty would see strong support at 9850-9825-9785-9740 whereas strong resistance would be seen at 9885-9812-9931-9950 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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Stocks In F&O Ban Period: ADANIENT, BEML, DLF, GMRINFRA, HDIL, IBREALEST, INDIACEM, JPASSOCIAT, JSWENERGY, RELCAPITAL.
NSE Nifty: (9884) The support for the Nifty is 9850-9825-9785-9740 and the resistance to the up move is at 9885-9812-9931-9950 levels.
NSE BankNifty: (24308) The support for BankNifty is at 24234-24170-24066-23935 and the resistance to the up move is at 24385-24460-24535-24625 levels.
BSE Sensex: (31646) The support for the Sensex is at 31524-31470-31420-31340 and the resistance to the up move is at 3175631810-31860-31938 levels.
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