Market In Consolidation Range, Go Long Until Nifty Closes Below 9020

Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat with negative bias for the day. EquityPandit predicted that BankNifty has entered positive zone but bulls are loosing momentum that may result in some profit booking and exactly same happened. Indian Stock Market remained rangebound for the day. Nifty fell down sharply to see lows right near EquityPandit’s predicted support levels of 9020 like a dot. Finally, Indian Stock Market recovered from day lows but closed negative for the day. Nifty closed right at EquityPandit’s predicted support levels of 9045 like a dot.

Today: Indian Stock Market would open positive. Technically, Nifty is still in negative zone but BankNifty is in positive zone. We may see some short covering rally for the day. Nifty possess strong support at 9020 on closing basis. Closing below 9020 would force Nifty to see sharp downfall but until Nifty holds 9020, there is strong chances of sharp bounce in the market. Once Nifty closes above 9123 levels, market would move towards new highs but until then sideways movement would be seen. Traders can go long at dips until Nifty holds 9020 on closing basis.

FIIs were net buyers of Rs.577.88 crores whereas DIIs were net sellers of Rs.594.48 crores in cash market for last trading session. Nifty would see strong support at 9045-9020-8997-8970 whereas strong resistance would be seen at 9097-9130-9150-9180 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: (9045) The support for the Nifty is 9045-9020-8997-8970 and the resistance to the up move is at 9097-9130-9150-9180 levels.

NSE BankNifty: (21057) The support for BankNifty is at 20930-20845-20780 and the resistance to the up move is at 21180-21220-21285-21336-21500 levels.

BSE Sensex: (29237) The support for the Sensex is at 29200-29145-29060-29000 and the resistance to the up move is at 29380-29485-29585-29660 levels.

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