Market May See Some Profit Booking, Strong Resistance For Nifty At 9390

Last Trading Session: Indian Stock Market opened positive. EquityPandit predicted that market would remain rangebound with positive bias. EquityPandit also predicted that upside for Nifty is open till 9390 and exactly same happened. Indian Stock Market moved sharply positive while opening but was not able to sustain higher levels and saw highs right at EquityPandit’s predicted resistance levels of 9390 like a dot. Finally, Indian Stock Market closed flat for the day.

Today: Indian Stock Market would open gap negative. Technically, Indian Stock Market is still in positive zone. Market would enter into negative zone once it closes below 8950 for Nifty and 19561 for BankNifty. Nifty would see strong resistance at 9390. Market would see sharp positive rally once it breaches the resistance of 9390 but until then Market would remain rangebound and would see some profit booking. US Oil Futures fell down sharply to the lowest levels and first time saw negative prices as demand collapsed. Nifty may see immediate support near 9090 levels. So traders can trade between these levels. Traders can take short positions home only if market closes below 8950 for Nifty and 19561 for BankNifty.

Nifty:

BankNifty:

Check the Trend Of Major Indices and Stocks

NSE Nifty: (9262) The support for the Nifty is 9180-9090-8900-8820 and the resistance to the up move is at 9346-9405-9540 levels.

NSE BankNifty: (20523) The support for BankNifty is 20275-19730-19935 and the resistance to the up move is 20680-20847-21060-21240 levels.

BSE Sensex: (31648) The support for the Sensex is 31485-31340-31025-30927 and the resistance to the up move is at 31880-32047-32240-32380 levels.

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