Market To See Correction Ahead of Trump-XI meet, Go Short Below 9186 For Nifty

Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened gap negative for the day. EquityPandit predicted that market would see some profit booking and exactly same happened. Nifty opened gap negative and saw further profit booking as predicted by EquityPandit. Nifty saw lows right near EquityPandit’s predicted support levels of 9215 like a dot. RBI disclosed no change in CRR but increase Reverse Repo Rate by 25 basis point. Reverse Repo rate refers to the interest rates banks get for deposits with RBI. Hence market recovered from day lows. Finally, Indian Stock Market recovered from day lows but closed marginally negative for the day.

Today: Indian Stock Market would open gap negative. Technically, Indian Stock Market is still in positive zone and would enter into negative zone once it closes below 9186 levels for Nifty. Market would see correction as the US fired dozens of missiles at targets in Syria and market is cautious ahead of US President Donald Trump and Chinese President XI Jinping meet. Market is in consolidated range between 9186 and 9275 levels for Nifty. Market would see sharp movement once Nifty closes out of this range. Until then traders can go long near EquityPandit’s predicted support and short near EquityPandit’s predicted resistance levels. Indian Stock Market would see reversal only if market closes below 9186 levels for Nifty and 21381 levels for BankNifty. BankNifty would see levels of 21850-22000, if it managed to close above 21700 levels. Some profit booking can’t be ruled out at this point of time but breaching levels of 9275 for Nifty would force it to move towards 9350 levels. Overall, Traders can go long above 9275 levels and short below 9186 levels on closing basis.

FIIs were net buyers of Rs.142.68 crores whereas DIIs were net sellers of Rs.205.64 crores in cash market for last trading session. Nifty would see strong support at 9185-9150-9130 whereas strong resistance would be seen at 9280-9305-9325-9380 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: (9262) The support for the Nifty is 9185-9150-9130 and the resistance to the up move is at 9280-9305-9325-9380 levels.

NSE BankNifty: (21623) The support for BankNifty is at 21500-21400-21331-21250 and the resistance to the up move is at 21700-21840-21950-22060 levels.

BSE Sensex: (29927) The support for the Sensex is at 29825-29770-29690-29540 and the resistance to the up move is at 30025-30060-30124-30270-30340 levels.

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