Market Would Continue To Consolidate Until Nifty In The Range Of 9400-9516

Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened positive for the day. EquityPandit predicted that market would open positive but would consolidate in a rangebound region and exactly same happened. Indian Stock Market moved sharply positive while opening but was not able to hold EquityPandit’s predicted resistance levels of 9500 and fell down sharply. Overall Market consolidated for the whole day between EquityPandit’s predicted support and resistance levels of 9400 and 9500 respectively. BankNifty also saw lows right at EquityPandit’s predicted support levels of 22629 like a dot. Finally, Indian Stock Market closed flat for the day.

Today: Indian Stock Market would open positive. Technically, analysis would remain same. Nifty is still in negative zone whereas BankNifty is in positive zone. Nifty would enter into positive zone once it closes above 9516 levels whereas BankNifty would enter into negative zone once it closes below 22685 levels. So, until either of that happens, traders should hold cash in hand as market would continue to consolidate. GST rates have been disclosed on Friday and it would affect the trend of few of the industries affecting Indian Stock Market for the day. US FED would also announce the minutes of meeting on May 24, 2017 that would give some clarity about possible rate hike in June. BankNifty has also formed DOJI candlestick pattern and hence it also suggest uncertainty of the trend. Intraday Traders can go long if BankNifty breaches levels of 22903 whereas go short if BankNifty breaches 22628 levels. US politics and Trump administration would also be eyed for the upcoming week. Overall, traders should hold cash in hand until Nifty breaches the range of 9400-9516. Further positions should be taken only once this range is broken on closing basis.

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FIIs were net sellers of Rs.988.70 crores whereas DIIs were net buyers of Rs.349.21 crores in cash market for last trading session. Nifty would see strong support at 9400-9370 whereas strong resistance would be seen at 9450-9480-9500-9516 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: Allcargo Logistics, Bank Of India, CCL Products, Engineers India, GAIL, Godrej Industries, Lakshmi Machine Works, PTC India, SRF and Texmaco Rail.

NSE Nifty: (9428) The support for the Nifty is 9400-9370 and the resistance to the up move is at 9450-9480-9500-9516 levels.

NSE BankNifty: (22770) The support for BankNifty is at 22685-22629-22514-22470 and the resistance to the up move is at 22834-22890-22980 levels.

BSE Sensex: (30465) The support for the Sensex is at 30400-30360-30277-30210 and the resistance to the up move is at 30580-30685-30740-30825 levels.

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