Market Still In Consolidation, Continue Long Until Nifty Holds 9580

Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened positive for the day. EquityPandit predicted that market is still in consolidation and ready to see a big move. EquityPandit also predicted that traders should hold long positions as of now until Nifty holds 9580 levels and exactly same happened. Indian Stock Market moved sharply higher but was not able to sustain higher levels and developed a small negative candle for the day. Finally, Indian Stock Market closed flat with another consolidated day. BankNifty on the other hand, moved sharply positive making new record highs for the day.

Today: Indian Stock Market would open flat with negative bias. Technically, analysis would remain same and Indian Stock Market is still in positive zone. Market is still in consolidation and a close above 9635 levels would show strength. Once Nifty closes above 9635 levels, it would move sharply positive towards 9700 levels. 9580 would still be a support level for Nifty and traders can hold long positions in Nifty and BankNifty until Nifty holds 9580 levels. BankNifty is stronger than Nifty as of now. Market would emphasize on monsoon and wait for good monsoon to make its next big move. Lower GDP for this quarter that was disclosed yesterday may have some minor negative impact on market and Some profit booking can be seen at higher levels but overall market is positive and traders can continue to hold long positions until Nifty holds 9580 levels. Market consolidating in a range of 9580-9635 on closing basis and breakout from this range would suggest further movement in the market, so traders should watch these levels and act accordingly.

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FIIs were net buyers of Rs.1048.93 crores whereas DIIs were net sellers of Rs.939.54 crores in cash market for last trading session. Nifty would see strong support at 9580-9538-9470-9450 whereas strong resistance would be seen at 9635-9660-9705 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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NSE Nifty: (9621) The support for the Nifty is 9580-9538-9470-9450 and the resistance to the up move is at 9635-9660-9705 levels.

NSE BankNifty: (23425) The support for BankNifty is at 23240-23180-23140-23060-22940 and the resistance to the up move is at 23540-23600-23660 levels.

BSE Sensex: (31146) The support for the Sensex is at 31060-30940-30865-30715 and the resistance to the up move is at 31220-31272-31380 levels.

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