Nifty To See Profit Booking Before Breaching 9000 Levels, Huge Volatility To Be Seen

Last Trading Session: Indian Stock Market opened flat for the day. EquityPandit predicted that market would see huge volatility due to upcoming events and it would enter into positive zone once Nifty closes above 8950 and 20725 levels for BankNifty. Market saw highs right near EquityPandit’s predicted resistance levels of 8962 for Nifty, 20742 levels for BankNifty and 29080 for Sensex like a dot. Finally, Indian Stock Market closed positive for the day. Nifty and BankNifty closed right at EquityPandit’s predicted resistance levels of 8962 and 20670 respectively, like a dot.

Today: Indian Stock Market would open flat. Technically, Nifty has entered into positive zone but BankNifty is still in negative zone. Now, no direction can be confirmed as we are heading towards big event of UP Poll Results. Nifty may see some profit booking around 9000 levels. Market would consolidate in a rangebound region with big volatility in upcoming days. BankNifty is expected to see a movement of 4-5% on either side, before March 16 Expiry. Traders are suggested to buy Long Straddle or Long Strangle strategy for March 16, 2017 Expiry that would generate excellent returns.

FIIs were net buyers of Rs.564.15 crores whereas DIIs were net sellers of Rs.481.96 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: (8963) 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: (20664) The support for BankNifty is at 20550-20450-20380-20215 and the resistance to the up move is at 20714-20800-20920-21045 levels.

BSE Sensex: (29048) The support for the Sensex is at 28820-28750-28675 and the resistance to the up move is at 29080-29154-29240-29325 levels.

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