On Monday, the Indian stock market opened on a positive note, but at the end of the day Nifty closed flat at 9438. In the last few sessions, the market witnessed selling pressure on higher level that drags the market down. Due to this, Nifty is moving in a range and consolidating. As We have continually noted that till the time Nifty sustains above the 9400 level, its southward direction shall not be confirmed. 9400 is acting as a major psychological support level on a closing basis.
On the upper side, 9530 is a strong resistance. We could expect clear direction after nifty breaches either of these levels. The Trader should wait with cash till the nifty remain sideways. You can book your profit to protect from uneasiness in the market and go for a summer vacation.
Today, Indian stock market may open positive. The crucial support is at 9400-9370 levels, whereas strong resistance would be seen at 9480-9500 levels.