Initiate Fresh Long Positions If Nifty Closes Above 9931 Levels
Last Trading Session: Indian Stock Market opened flat for the day. EquityPandit predicted that market would remain rangebound until Nifty closes out of 9750-9931 range. Indian Stock Market moved sharply negative after opening. Nifty saw strong support near EquityPandit’s predicted support levels of 9850. Market recovered from day lows and saw intraday highs right at EquityPandit’s predicted resistance levels of 31756 for Sensex like a dot. Finally, Indian Stock Market closed positive for the day.
Today: Indian Stock Market to open flat. Technically, Nifty is in negative zone but BankNifty is still in positive zone. Nifty would enter into positive zone only if it closes above 9931 levels. Indian Market may see some pressure as GDP numbers disclosed yesterday after market hours were way below street expectations but breaching 9931-9950 zone on upside would force Nifty to confirm bullish breakout from the Symmetrical Triangle pattern which would infuse fresh buying in the market and would force market to breach 10000 levels again in days to come. Traders can go long if Nifty manages to close above 9931 levels as it would force market to see new lifetime highs in upcoming days.
FIIs were net buyers of Rs.77.58 crores whereas DIIs were net buyers of Rs.509.71 crores in cash market for last trading session. Nifty would see strong support at 9885-9850-9825-9785 whereas strong resistance would be seen at 9931-9950-9965-10005 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: (9918) The support for the Nifty is 9885-9850-9825-9785 and the resistance to the up move is at 9931-9950-9965-10005 levels.
NSE BankNifty: (24318) 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: (31730) The support for the Sensex is at 316505-31524-31470 and the resistance to the up move is at 31756-31810-31860-31938 levels.
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