Market Still In Positive Momentum, Hold Long Positions For Now
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened flat with positive bias. EquityPandit predicted that market is still in positive zone and traders can go long at dips for now. EquityPandit also predicted that BankNifty is in positive direction so it would direct Nifty and exactly same happened. Indian Stock Market moved sharply positive and finally, closed positive for the day.
Today: Indian Stock Market would open positive. Technically, Market is still in positive zone and traders can hold long positions for now. Nifty is forming double bottom pattern and close above 8320 would confirm the pattern that would open Nifty target for 8500-8600 levels. BankNifty is also in positive momentum and may see EquityPandit’s targets of 18500 breaching soon. Once BankNifty closes above 18500, its next target would open for 18800 levels. Overall, traders should continue to hold long positions with strict stoploss of 8208 spot levels for Nifty and 18122 spot levels of BankNifty on closing basis.
FIIs were net sellers of Rs.21.20 crores whereas DIIs were net buyers of Rs.253.36 crores in cash market for last trading session. Nifty would see strong support at 8240-8200-8160 whereas strong resistance would be seen at 8332-8357-8385-8450 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
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Important Results To Be Disclosed Today: South Indian Bank.
NSE Nifty: (8289) The support for the Nifty is 8240-8200-8160 and the resistance to the up move is at 8332-8357-8385-8450 levels.
NSE BankNifty: (18410) The support for BankNifty is at 18320-18240-18188-18060 and the resistance to the up move is at 18490-18588-18690-18780 levels.
BSE Sensex: (26899) The support for the Sensex is at 26720-26620-26540 and the resistance to the up move is at 27020-27195-27385-27450 levels.
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