Market To Remain Rangebound, Initiate Short Only If Nifty Closes Below 8954

Last Trading Session: Indian Stock Market opened positive. EquityPandit predicted that BankNifty has entered into negative zone whereas Nifty is still in positive zone. EquityPandit also suggested traders to go short only if Nifty closes below 8954. Indian Stock Market moved negative but recovered sharply from EquityPandit’s predicted reversal levels. Market saw highs right at EquityPandit’s predicted resistance levels of 9210 like a dot. Finally, Indian Stock Market closed gap positive for the day.

Today: Indian Stock Market would open flat with negative bias. Technically, BankNifty is still in negative zone whereas Nifty is still in positive zone. Now, two cases are possible and traders would have to wait for either of the two to happen. Nifty would enter into negative zone if it closes below 8954 and if that happens then market would fell down sharply in upcoming days. Whereas BankNifty would enter into positive zone once it closes above 20529 and if that happens then market would see sharp positive rally, which seems unlikely for now. Now BankNifty and Nifty both needs to move in the same trend by breaching either of the reversal levels to confirm the direction of the market. This is time to wait for confirmation and once the trend is confirmed then one can trade in that direction.

Nifty:

BankNifty:

Check the Trend Of Major Indices and Stocks

FIIs were net sellers of Rs.1326.09 crores whereas DIIs were net buyers of Rs.863.82 crores in cash market for last trading session. Nifty would see strong support at 9090-8980-8900-8820 whereas strong resistance would be seen at 9265-9346-9405 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (9187) The support for the Nifty is 9090-8980-8900-8820 and the resistance to the up move is at 9265-9346-9405 levels.

NSE BankNifty: (19702) The support for BankNifty is 19400-19211-19118-18940 and the resistance to the up move is 19965-20067-20210 levels.

BSE Sensex: (31380) The support for the Sensex is 31025-30927-30640-30460 and the resistance to the up move is at 31660-31880-32047-32240 levels.

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