Nifty To Consolidate Between 9270-9370

Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat for the day. EquityPandit predicted that Nifty would see further profit booking and intraday traders can go short below 9320 levels for Nifty. EquityPandit also predicted that Nifty would see strong support near 9300 levels and exactly same happened. Nifty saw further profit booking for the day as per EquityPandit’s predictions. BankNifty made highs right at EquityPandit’s predicted resistance levels of 22380 like a dot. Traders, who followed EquityPandit’s advice might have earned huge profits for the day. Finally, Indian Stock Market closed negative for the day but BankNifty managed to close flat. Nifty closed right above EquityPandit’s predicted support levels of 9300 like a dot.

Today: Indian Stock Market would open positive. Technically, Indian Stock Market is still in positive trend. Nifty would enter into negative zone only if it closes below 9273 levels, until then market would be considered as buy on dips. Now, market would consolidate between 9270-9370 range for Nifty and a breakout from this range on closing basis would suggest further market direction. Until then traders can go long at EquityPandit’s predicted support levels and short at EquityPandit’s predicted resistance levels. Market to see some consolidation as of now. Since VIX is at historical low levels, we can expect huge volatility in upcoming days and some further correction is not ruled out. Once Nifty closes above 9370 levels, it would see next target of 9415 levels with some minor resistance at 9400 levels. Please remember that this is a big bull market and every downfall is just a profit booking to stablize the trend.

FIIs were net sellers of Rs.1150.43 crores whereas DIIs were net buyers of Rs.1684.44 crores in cash market for last trading session. Nifty would see strong support at 9300-9270-9250-9218-9200 whereas strong resistance would be seen at 9354-9370-9400-9415 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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Important Corporate Results Today: Inox Leisure, JM Financial, Kansai Nerolac Paints, Marico, RBL Bank and Shriram City Union Finance.

NSE Nifty: (9304) The support for the Nifty is 9300-9270-9250-9218-9200 and the resistance to the up move is at 9354-9370-9400-9415 levels.

NSE BankNifty: (22358) The support for BankNifty is at 22270-22180-22138-22000-21940 and the resistance to the up move is at 22380-22474 levels.

BSE Sensex: (29918) The support for the Sensex is at 29825-29770-29690-29540 and the resistance to the up move is at 29962-30067-300180-30270 levels.

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