Nifty To See Reversal If Closed Above 9164, Go Long With Stoploss Below 9100

Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat for the day. EquityPandit predicted that market is in negative zone but Since Nifty has formed HAMMER candlestick pattern with stochastic in oversold region and hence we would see sharp bounce back in Nifty but BankNifty would see further downfall and exactly same happened. Nifty moved sharply positive for the day whereas BankNifty saw sharp downfall today. Traders, who followed EquityPandit’s advice might have earned huge profits for the day. BankNifty saw lows right near EquityPandit’s predicted support levels of 21400. Finally, Indian Stock Market closed positive for the day with some pressure on BankNifty.

Today: Indian Stock Market would open positive. Technically, Indian Stock Market is still in negative zone as of now. Market would see short term reversal once it closes above 9164 levels for Nifty and 21688 levels for BankNifty. Nifty has formed a MORNING STAR candlestick pattern that suggest that bottom has been made and it may see sharp positive rally in days to come. Nifty would see some further short covering rally but this positive rally should be utilized in intraday trading only. Traders can go long in Nifty with strict stoploss of 9100 levels on closing basis. Traders can take long positions home only if Nifty closes above 9164 levels as Nifty would enter into short term positive trend by then. Banking Giant HDFC Bank would disclose its Q4 results today and it would direct BankNifty in upcoming days. Overall, market is still rangebound and traders can go long at support levels and short at EquityPandit’s predicted resistance levels.

FIIs were net sellers of Rs.168.84 crores whereas DIIs were net buyers of Rs.8.82 crores in cash market for last trading session. Nifty would see strong support at 9097-9080-9045-9020 whereas strong resistance would be seen at 9165-9185-9220 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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Important Corporate Results Today: ACC and HDFC Bank Ltd.

NSE Nifty: (9136) The support for the Nifty is 9097-9080-9045-9020 and the resistance to the up move is at 9165-9185-9220 levels.

NSE BankNifty: (21491) The support for BankNifty is at 21470-21400-21331-21250 and the resistance to the up move is at 21560-21607-21740-21790-21840 levels.

BSE Sensex: (29422) The support for the Sensex is at 29340-29200-29145-29060-29000 and the resistance to the up move is at 29485-29585-29660 levels.

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