Market To Remain Highly Volatile Ahead Of Union Budget, Hedge Your Positions

Last Trading Session: Indian Stock Market opened gap positive. EquityPandit predicted that the market would remain range bound till the Union Budget and exactly the same happened. The Indian Stock Market moved sharply positive but was not able to hold higher levels. Market corrected from higher levels and finally managed to close flat for the day as predicted by EquityPandit.

Today: Indian Stock Market will open positive. Technically, analysis will still remain the same. Nifty is still in the negative zone whereas BankNifty is still in the positive zone. Market would be highly volatile as we approach the Union Budget. Nifty would enter into the positive zone once it closes above 17340 while BankNifty would enter into the negative zone once it closes below 37149. Traders should hedge every position that is carried for the next day.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.5045.34 crores whereas DIIs were net buyers of Rs.3358.67 crores in the cash market for the last trading session. Nifty would see strong support at 17025-16955-16865-16715 whereas strong resistance would be seen at 17215-17270-17350-17440 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (17102) The support for the Nifty is 17025-16955-16865-16715 and the resistance to the up move is at 17215-17270-17350-17440 levels.

NSE BankNifty: (37689) The support for Bank Nifty is 37540-37365-37215-37075 and the resistance to the up move is 37880-38025-38240-38380 levels.

BSE Sensex: (57200) The support for the Sensex is 57025-56815-56660-56508 and the resistance to the up move is 57385-57540-57660-57815 levels.

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