Market To Remain Rangebound With Positive Bias, Hold Long Until 9090 Holds For Nifty

Last Trading Session: Indian Stock Market opened gap positive as predicted by EquityPandit. EquityPandit predicted that market would see sharp positive movement but upside is limited due to multiple resistances. Indian stock Market moved sharply positive. Finally, Indian Stock Market closed gap negative for the day. Nifty closed right at EquityPandit’s predicted resistance levels of 9267 like a dot.

Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still in positive zone. Market is forming Ascending Triangle Pattern that shows that further positive movement can be seen. Overall market would remain rangebound with positive bias. Now, upside is open till 22000 for BankNifty and 9390 for Nifty. Traders can hold long positions until market holds above 9090 for Nifty and 20000 for BankNifty on closing basis. Market would again enter into bearish trend once it closes below 8825 for Nifty and 19027 for BankNifty.

Nifty:

BankNifty:

Check the Trend Of Major Indices and Stocks

FIIs were net sellers of Rs.1391.98 crores whereas DIIs were net buyers of Rs.534.24 crores in cash market for last trading session. Nifty would see strong support at 9090-8900-8820-8745 whereas strong resistance would be seen at 9346-9405-9540 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (9267) The support for the Nifty is 9090-8900-8820-8745 and the resistance to the up move is at 9346-9405-9540 levels.

NSE BankNifty: (20681) The support for BankNifty is 20465-20275-19730-19935 and the resistance to the up move is 20920-21060-21240-21465 levels.

BSE Sensex: (31589) The support for the Sensex is 31340-31025-30927-30762 and the resistance to the up move is at 31880-32047-32240-32380 levels.

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