The stock market recovered from lower levels as per our forecast. S&P500 closed at 4262, DOW closed at 33544 and NASDAQ closed at 13458 while RUSSELL closed at 1969. The market may witness a drop before FOMC. S&P500 may drop down to 4200-4180 once again. Accumulate long position in indices at lower levels. After FOMC, uptrend is indicated. The trend is bullish for Thursday. S&P500 may bounce back to 4280-4300. Our Subscribers took a long position in S&P500 at 4167 and booked 50% profit at 4250.
In the previous session, Nifty made a high of 16928, low of 16556, and closed at 16648 while Bank Nifty made a high of 35675, low of 34710 and closed at 34930.
At the higher level, it was advised to book profit in the long position of indices. At lower levels, BTST was recommended.
Nifty is opening a gap-up in today’s session. 16950-17000 would be crucial resistance for Nifty and 35800-3600 would be crucial resistance for Bank Nifty.
In the first half of the trading session, an uptrend is indicated. In the second half, profit booking is possible at the higher level.
You’re advised to book 50% profit in Nifty around 16900-16950 and Bank Nifty around 35500-35700. Again, wait for the lower level or closing to accumulate long positions. On Thursday, the market is bullish.