Continue Long Positions Until Nifty Holds 9109 On Closing Basis, Short Covering Expected

Last Trading Session: Indian Stock Market Opened flat for the day. EquityPandit predicted that market would consolidate before further positive rally and traders should go long at every dip in the market. Market moved positive and saw highs right at EquityPandit’s predicted resistance levels of 29700 for Sensex like a dot. Market saw profit booking at higher levels and witnessed lows of 29480 for Sensex like a dot. Finally, Indian Stock Market recovered to some extent but closed gap negative for the day.

Today: Indian Stock Market would open flat with positive bias. Technically, Indian Stock Market is still in positive zone. Market is expected to see short covering rally in upcoming days and traders are suggested to hold long positions as of now. Nifty would see reversal only if it closes below 9109 levels and until then traders should hold long positions or go long at every dip in the market.

FIIs were net buyers of Rs.56.67 crores whereas DIIs were net sellers of Rs.536.21 crores in cash market for last trading session. Nifty would see strong support at 9120-9097-9060-9020 whereas strong resistance would be seen at 9150-9180-9200-9218 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: (9127) The support for the Nifty is 9120-9097-9060-9020 and the resistance to the up move is at 9150-9180-9200-9218 levels.

NSE BankNifty: (21110) The support for BankNifty is at 21100-21055-20985-20900 and the resistance to the up move is at 21275-21380-21500-21720 levels.

BSE Sensex: (29519) The support for the Sensex is at 29480-29350-29240 and the resistance to the up move is at 29700-29880-29950 levels.

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