Nifty Headed Towards 9000 Levels, Go Long At Every Dip For Now

Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened gap positive for the day. EquityPandit predicted that market has entered into positive zone and traders should go long at every dip in the market. EquityPandit also predicted that once Nifty breaches 8505 levels, then would it would a sharp positive rally and exactly same happened. Indian Stock Market moved sharply positive and saw a sharp breakout. Traders, who followed EquityPandit’s advice might have earned whopping profits for the day. Finally, Indian Stock Market closed gap positive for the day. Market closed right below EquityPandit’s predicted resistance levels of 27720 for Sensex and 8605 for Nifty like a dot.

Today: Indian Stock Market would open gap positive. Technically, Indian Stock Market is still in positive zone. Now, Nifty is headed towards 9000 levels. We would see some profit booking that would be temporary in nature. 8511 is a monthly reversal levels. Since we have 2 trading sessions left for the month, hence if Nifty closes above 8511 levels in next 2 trading session then we would see levels of 9000 breaching in the month of February itself as Nifty would see monthly reversal from the downtrend. FIIs have seen a good buying in cash and future segment in last trading session. Today, a new F&O contract has been started and if FII sees a stable buying today also, then there would be no major resistance for Nifty before 9000 levels. Market has consolidated for almost 2 years and this year can be a major breakout level. If Union Budget is neutral or positive, we may see sharp positive rally that would stop after making new highs. Banking sector would be a major driver for Nifty. But there is a small caution of monthly levels for Nifty. Nifty if closed below 8511 levels in next 2 trading sessions then we would see a sharp fall after Union Budget. After a sharp positive run for last couple of days, we expect some profit booking near resistances but traders can continue to hold long positions and buy at every dip in the market for now. ITC results to be disclosed today and it would affect market direction for today.

FIIs were net buyers of Rs.1378.81 crores whereas DIIs were net buyers of Rs.383.03 crores in cash market for last trading session. Nifty would see strong support at 8550-8530-8496-8470 whereas strong resistance would be seen at 8625-8653-8665-8707 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 Results To Be Disclosed Today: Bharat Electronics Ltd, Colgate-Palmolive, Eveready Industries India, India Cements, ITC, Just Dial, Sunpharma Advance Reserach and Tata Coffee Ltd.

NSE Nifty: (8603) The support for the Nifty is 8550-8530-8496-8470 and the resistance to the up move is at 8625-8653-8665-8707-8740 levels.

NSE BankNifty: (19473) The support for BankNifty is at 19330-19270-19130-19000 and the resistance to the up move is at 19550-19660-19800-19920-20000 levels.

BSE Sensex: (27708) The support for the Sensex is at 27635-27540-27380 and the resistance to the up move is at 27850-27935-28018-28071-28218 levels.

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