Initiate Long Positions If Nifty Closes Above 8962 Levels, Market Looking For A Sharp Bounce Back

Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat with positive bias for the day. Indian Stock Market bounced sharply after US President Mr. Donald Trump speech. Nifty saw highs right at EquityPandit’s reversal levels of 8962 like a dot. Finally, Market closed gap positive for the day.

Today: Indian Stock Market would open gap positive. Technically, Indian Stock Market is in negative zone for now but would see reversal and enter into positive trend once it closes above 8962 levels for Nifty and 20898 levels for BankNifty. US market has seen sharp positive rally and broke all time highs. Indian Stock Market would also follow the trend and would see a positive rally. Interestingly, Indian Stock Market has seen sharp comeback and once Nifty closes above 8962 levels, we would soon see it breaching 52 week highs. Breaching 9000 levels on closing basis would force Nifty to touch new lifetime highs. Traders can initiate long positions once Nifty closes above 8962 levels and BankNifty closes above 20898 levels.

FIIs were net sellers of Rs.198.27 crores whereas DIIs were net buyers of Rs.254.21 crores in cash market for last trading session. Nifty would see strong support at 8925-8897-8850-8815 whereas strong resistance would be seen at 8969-8982-9005-9120 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

NSE Nifty: (8946) The support for the Nifty is 8925-8897-8850-8815 and the resistance to the up move is at 8969-8982-9005-9120 levels.

NSE BankNifty: (20783) The support for BankNifty is at 20675-20550-20450-20380 and the resistance to the up move is at 20850-20920-21060 levels.

BSE Sensex: (28984) The support for the Sensex is at 28820-28750-28675 and the resistance to the up move is at 29080-29154-29325 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