Market To See Some Profit Booking Before Breaching 10000 Levels For Nifty
Last Trading Session: Indian Stock Market opened positive for the day as predicted. EquityPandit predicted that market is still in positive zone and next logical target for Nifty is 9915-9925 but traders should remain cautious. Nifty achieved EquityPandit’s predicted Target of 9925 levels and saw resistance right below EquityPandit’s predicted resistance levels of 9930 like a dot. BankNifty managed to close above 24000 levels for the first time. Finally, Indian Stock Market closed positive for the day.
Today: Indian Stock Market to open flat with negative bias. Technically, Indian Stock Market would still be considered positive until it holds 9848 levels on closing basis. Closing below 9848 for Nifty would force market to see further downfall. All eyes are now on 10000 level for Nifty, will it breach? Its a strong psychological resistance level for now. Though next logical target for Nifty is 9965 but traders should remain cautious as profit booking can’t be ruled out before breaching 10000 mark for Nifty. Highest open interest lies at 10000 Nifty call options and hence this may act as strong resistance levels and some dip or consolidation is surely expected. For a sustainable positive rally, Nifty should consolidate for some days or see some profit booking before breaching 10000 levels.
FIIs were net buyers of Rs.328.61 crores whereas DIIs were net sellers of Rs.447.14 crores in cash market for last trading session. Nifty would see strong support at 9848-9807-9778 whereas strong resistance would be seen at 9918-9930-9950-9970 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: CRISIL, Hindustan Unilever, Jubilant Life Sciences, Network 18 Media, TV18 Broadcast and Ultratech Cement.
NSE Nifty: (9916) The support for the Nifty is 9850-9807-9778 and the resistance to the up move is at 9918-9930-9950-9970 levels.
NSE BankNifty: (24015) The support for BankNifty is at 23960-23880-23800-23740 and the resistance to the up move is at 24090-24180-24270 levels.
BSE Sensex: (32075) The support for the Sensex is at 31940-31880-31718-31660 and the resistance to the up move is at 32088-32110-32180-32240 levels.
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