Index Rangebound Till UP Poll Results, Only Stock Specific Movement To Be Seen

Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat for the day. EquityPandit predicted that Nifty would see profit booking before breaching 9000 levels. EquityPandt also predicted that market would consolidate in a rangebound region before UP Poll results and exactly same happened. Indian Stock Market saw sharp profit booking after opending. Nifty saw highs right near EquityPandit’s predicted resistance levels of 8982 and saw lows right near EquityPandit’s predicted support levels of 8925. Finally, Indian Stock Market closed negative for the day.

Today: Indian Stock Market would open flat. Technically, analysis would still remain same. Nifty is already in positive zone but BankNifty is still in negative zone. Nifty would enter into negative zone once it closes below 8891 levels whereas BankNifty would enter into positive zone once it closes above 20725 levels. The best suggestion for traders is to wait for UP Poll results as market would consolidate in a rangebound region for this week which would infact be directionless. For this week, traders can keep buying BankNifty near 20500 levels and keep shorting near 20900 levels. Every Positive movement would bring in profit booking and every downfall would generate short covering until UP Election Results.

FIIs were net buyers of Rs.920.46 crores whereas DIIs were net sellers of Rs.1073.75 crores in cash market for last trading session. Nifty would see strong support at 8925-8897-8850-8815 whereas strong resistance would be seen at 8969-8982-9005-9120 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: (8947) The support for the Nifty is 8925-8897-8850-8815 and the resistance to the up move is at 8969-8982-9005-9120 levels.

NSE BankNifty: (20628) The support for BankNifty is at 20550-20450-20380-20215 and the resistance to the up move is at 20714-20800-20920-21045 levels.

BSE Sensex: (29000) The support for the Sensex is at 28950-28820-28750-28675 and the resistance to the up move is at 29080-29154-29240-29325 levels.

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