Union Budget To Drive Indian Markets Today, Hedge Your Open Positions

Last Trading Session: Indian Stock Market opened positive as predicted by EquityPandit. EquityPandit predicted that the Indian Stock Market would remain highly volatile and would enter into the positive zone if it closes above 17340. Indian Stock Market moved sharply positive but closed right below EquityPandit’s predicted resistance levels of 17340 for Nifty like a dot.  

Today: Indian Stock Market will open positive. Technically, the Indian Stock Market is in a positive zone. Today, the Union Budget will drive the markets in India. Traders should hedge all the open positions as the market would be highly volatile. Market would be considered positive if it closes above 17340 for Nifty and continues to trade above 37149 for BankNifty. Market would enter into the negative zone if it closes below 17340 for Nifty and 37149 for BankNifty. Traders should remain cautious and are strongly recommended to hedge the open positions.

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Nifty:

Bank Nifty:

FIIs were net sellers of Rs.3624.48 crores whereas DIIs were net buyers of Rs.3648.65 crores in the cash market for the last trading session. Nifty would see strong support at 17240-17170-17110-17025 whereas strong resistance would be seen at 17440-17515-17570-17616 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (17340) The support for the Nifty is 17240-17170-17110-17025 and the resistance to the up move is at 17440-17515-17570-17616 levels.

NSE BankNifty: (37975) The support for Bank Nifty is 37770-37510-37345-37215 and the resistance to the up move is 38240-38380-38515-38660-38718 levels.

BSE Sensex: (58014) The support for the Sensex is 57815-57708-57540-57365 and the resistance to the up move is 58385-58540-58660-58740 levels.

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