Nifty Forming Ascending Triangle Pattern, Rangebound Until Breaks 9858-9988 Range
Last Trading Session: Indian Stock Market opened gap positive. Indian Stock Market moved positive but saw strong resistance right at EquityPandit’s predicted resistance levels of 9965 like a dot. Finally, Indian Stock Market fell down sharply to close flat for the day.
Today: Indian Stock Market to open positive. Technically, Indian Stock Market is still in positive zone. Nifty is forming Ascending Triangle pattern that suggest that Market would see sharp breakout if Nifty managed to close above 9988 levels and a sharp breakdown would be seen below 9858 closing levels for Nifty on spot basis. Until then Market would continue to remain rangebound. Traders can go long at dips and book profits at positive rally until Nifty closes out of this range. Market would enter into negative zone only if it closes below 9858 levels for Nifty and 24161 levels for BankNifty and until then every dip would be an opportunity for traders to go long in the market. Closing above 9988 levels for Nifty would infuse fresh buying in the market. IIP and CPI data that would be disclosed on Tuesday after market hours would affect Indian Stock Market direction.
FIIs were net sellers of Rs.256.42 crores whereas DIIs were net buyers of Rs.487.97 crores in cash market for last trading session. Nifty would see strong support at 9880-9858-9825-9785 whereas strong resistance would be seen at 9950-9965-10005-10088 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: DHFL, IBREALEST, JSWENERGY and JUSTDIAL.
NSE Nifty: (9935) The support for the Nifty is 9880-9858-9825-9785 and the resistance to the up move is at 9950-9965-10005-10088 levels.
NSE BankNifty: (24371) The support for BankNifty is at 24260-24170-24066-23935 and the resistance to the up move is at 24420-24460-24535-24625 levels.
BSE Sensex: (31688) The support for the Sensex is at 31618-31524-31470 and the resistance to the up move is at 31756-31810-31860-31938 levels.
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