Market To See Positive Movement But Go Long Only Once Nifty Closes Above 9170

Last Trading Session: Indian Stock Market opened negative as predicted by EquityPandit. EquityPandit predicted that the market would remain choppy with overall bearish sentiments and traders should go short at every positive movement near resistance levels and the same happened. Indian Stock Market moved positive but saw highs right at EquityPandit's predicted resistance levels of 9156 and fell down sharply from there. Traders who followed EquityPandit's advice might have earned good profits for the day. Finally, Indian Stock Market closed gap negative for the day.

Today: Indian Stock Market would open gap positive. Technically, Indian Stock Market is still in a negative zone. Market would see positive movement today but it would enter into the positive zone once it closes above 9170 for the Nifty and 18317 for the BankNifty. Traders can initiate fresh long positions and take long positions home once the market closes above these levels but until then the market would continue to consolidate. 9000 would be a strong support for Nifty at closing basis. So, aggressive traders can go long in Nifty with closing stoploss below 9000 levels but the risk-averse traders should wait for the market to close above Equitypandit's suggested reversal levels for bullish confirmation. If in any case, Nifty closes below 9000 levels then it can slide down to 8600 levels for Nifty.

Nifty:


BankNifty:


FIIs were net sellers of Rs.1353.90 crores whereas DIIs were net sellers of Rs.344.16 crores in the cash market for the last trading session. Nifty would see strong support at 9024-8980-8900-8821 whereas strong resistance would be seen at 9085-9127-9156-9204 levels. EquityPandit's support and resistance levels always meet accuracy and hence traders are suggested to follow them for good profits.

Important Results To Be Disclosed Today: Blue Dart Express (NS:BLDT), Coromandel International, Deepak (NS:DPFE) Nitrite, Firstsource Solutions (NS:FISO), Max Financial Services, S H Kelkar & Company, Torrent Pharmaceuticals and VIP Industries (NS:VIPI).

NSE Nifty: (9039) The support for the Nifty is 9024-8980-8900-8821 and the resistance to the up move is at 9085-9127-9156-9204 levels.

NSE BankNifty: (17279) The support for BankNifty is 17035-16900-16670 and the resistance to the up move is 17665-17870-18075-18390 levels.

BSE Sensex: (30673) The support for the Sensex is 30460-30280-30115-30035 and the resistance to the up move is at 31067-31210-31390-31611 levels.

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