Nifty Near Strong Resistance, Go Long Only If Nifty Closes Above 9050

Last Trading Session: Indian Stock Market opened gap positive exactly as predicted by EquityPandit. EquityPandit predicted that market would see sharp positive movement after a consecutive downfall for last 5 trading session and exactly same happened. Market moved sharply positive and breached all the resistance levels. Finally, Indian Stock Market closed gap positive for the day.

Today: Indian Stock Market would open negative. Technically, Nifty have entered into positive zone whereas BankNifty is still in negative zone. Now BankNifty would enter into positive zone only if it closes above 19463. Nifty possess strong resistance of 9050 at closing basis. Once it closes above these levels then we would see levels of 9200-9500-10028 for Nifty in days to come but for now traders can go short near resistances with closing stoploss of 9050. If Nifty closes above 9050 then one can go long in the market for time being but until then traders should go short at every positive movement. But remember, overall market is bearish and any positive movement would just be a short covering and not a recovery.

Nifty:

BankNifty:

Check the Trend Of Major Indices and Stocks

FIIs were net buyers of Rs.741.77 crores whereas DIIs were net sellers of Rs.422.51 crores in cash market for last trading session. Nifty would see strong support at 8665-8500-8400-8307 whereas strong resistance would be seen at 8950-9050-9127-9200 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (8792) The support for the Nifty is 8665-8500-8400-8307 and the resistance to the up move is at 8950-9050-9127-9200 levels.

NSE BankNifty: (19062) The support for BankNifty is 18880-18700-18425-18254 and the resistance to the up move is 19256-19380-19508-19770 levels.

BSE Sensex: (30067) The support for the Sensex is 29825-29606-29395-29071 and the resistance to the up move is at 30418-30710-31125 levels.

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