Go Short Only If Nifty Closes Below 9367, Until Then Hold Long

Last Trading Session: Indian Stock Market closed negative for the second day in a row and saw lows right near EquityPandit’s predicted support levels of 9370. Nifty already achieved EquityPandit’s target of 9415 levels. Indian Stock Market fell down sharply and finally, closed negative for the day. Nifty was able to close above its crucial psychological levels of 9400.

Today: Indian Stock Market would open positive. Technically, Indian Stock Market including Nifty, BankNifty and Sensex are still in positive zone. Nifty would enter into negative zone once it closes below 9367 levels whereas BankNifty would enter into negative zone if it closes below 22629 levels. Traders can hold long positions until Nifty manages to close above 9367 levels. Currently market is holding its important support levels of 9370-9350 for Nifty and until then trade is to go long at dips. Once Nifty closes below 9367 levels and BankNifty closes below 22629 levels, traders can initiate fresh short positions.

FIIs were net buyers of Rs.841.80 crores whereas DIIs were net sellers of Rs.710.83 crores in cash market for last trading session. Nifty would see strong support at 9400-9370-9350-9320 whereas strong resistance would be seen at 9438-9450-9500-9550 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

Click Here to Check the Trend Of Major Indices and Stocks

Important Corporate Results Today: Bata India, Chennai Petroleum, Colgate-Palmolive, JK Tyre, Kajaria Ceramics, Polaris Consulting, South Indian Bank, Tube Investments and Vedanta Ltd.

NSE Nifty: (9401) The support for the Nifty is 9400-9370-9350-9320 and the resistance to the up move is at 9438-9450-9500-9550 levels.

NSE BankNifty: (22672) The support for BankNifty is at 22670-22629-22500-22440 and the resistance to the up move is at 22780-22860-22980-23060 levels.

BSE Sensex: (30188) The support for the Sensex is at 30185-30110-30060-30000 and the resistance to the up move is at 30300-30367-30480 levels.

Note: If you wish to subscribe for premium packages or have any queries, kindly contact us or mail us at admin@equitypandit.com or call our Executive at 08000816688.

Premium Subscription Pricing details can be seen at Stock Market Premium Services