Market Still In Consolidation And Ready To See A Big Move

Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened negative for the day. EquityPandit predicted that market would enter into consolidation phase soon and may see some correction. Market saw correction and finally recovered sharply to close positive for the day. Nifty saw highs right at EquityPandit’s predicted resistance levels of 9635 like a dot. Sensex and BankNifty closed right at EquityPandit’s predicted resistance levels of 31168 and 23305 respectively.

Today: Indian Stock Market would open positive. Technically, analysis would remain same and Indian Stock Market is still in positive zone. Market would continue to remain strong until Nifty holds 9580 levels. Traders can continue to hold long positions in the market as of now. If Nifty breaches levels of 9635 with volumes then next target would be 9660-9705. Now a big movement is on the cards and traders can hold long positions or buy at dips until Nifty holds 9580 levels on closing basis. Immediate support for Nifty would be seen at 9580-9540 levels and reversal would be seen only if Nifty closes below 9511 levels. For now, market is consolidating and ready to see a big movement in days to come.

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FIIs were net sellers of Rs.217.10 crores whereas DIIs were net buyers of Rs.366.97 crores in cash market for last trading session. Nifty would see strong support at 9580-9538-9470-9450 whereas strong resistance would be seen at 9635-9660-9705 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: Castrol India.

NSE Nifty: (9625) The support for the Nifty is 9580-9538-9470-9450 and the resistance to the up move is at 9635-9660-9705 levels.

NSE BankNifty: (23307) The support for BankNifty is at 23180-23140-23060-22940 and the resistance to the up move is at 23340-23410-23540-23660 levels.

BSE Sensex: (31159) The support for the Sensex is at 31060-30940-30865-30715 and the resistance to the up move is at 31220-31272-31380 levels.

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