Go Long In Nifty Only If It Closes Above 9257, Geopolitical Tensions Linger

Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat for the day. EquityPandit predicted that Nifty has entered into negative zone but BankNifty is still in positive zone. EquityPandit also predicted that market has entered into consolidation and traders can go short in Nifty at positive rally. Market managed to see sharp short covering rally backed by BankNifty. BankNifty saw new lifetime highs today. Nifty still remained below our reversal levels for the day. Traders who shorted Nifty after the positive rally would get good chance to book huge profits today. Nifty saw lows right near EquityPandit’s predicted support levels of 9165. Finally, Indian Stock Market closed gap positive for the day.

Today: Indian Stock Market would open flat with negative bias. Technically, Nifty is still in negative zone whereas BankNifty is in positive zone. All global markets are on edge due to geopolitical tensions between US and North Korea. Traders can still hold short positions until Nifty closes above 9257 levels. Nifty would see reversal once it closes above 9257 and would enter into positive zone. Closing above 9257 levels would take Nifty to new lifetime highs. Breaching levels of 9275 would force Nifty to see targets of 9345 in days to come. Traders should initiate long positions only if Nifty closes above 9257 levels. Reliance Jio launched new Dhan Dhana Dhan offer that would be positive for Reliance Industries. Airtel would continue to remain in pressure.

FIIs were net sellers of Rs.750.52 crores whereas DIIs were net buyers of Rs.826.66 crores in cash market for last trading session. Nifty would see strong support at 9217-9200-9165-9150-9130 whereas strong resistance would be seen at 9250-9280-9316-9345 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: (9237) The support for the Nifty is 9217-9200-9165-9150-9130 and the resistance to the up move is at 9250-9280-9316-9345 levels.

NSE BankNifty: (21736) The support for BankNifty is at 21616-21540-21400-21331-21250-21145 and the resistance to the up move is at 21840-21950-22060 levels.

BSE Sensex: (29788) The support for the Sensex is at 29720-29665-29540-29440 and the resistance to the up move is at 29888-29930-30025 levels.

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