Indian Market To Slide down On Profit Booking Until Nifty Closes Above 9906
Last Trading Session: Indian Stock Market opened positive for the day. EquityPandit predicted that Indian Stock Market has entered into positive zone. EquityPandit also predicted that profit booking can’t be ruled out at higher levels and hence traders can keep on booking partial profits on every upmove. Indian Stock Market moved sharply positive and saw highs right near EquityPandit’s predicted resistance levels of 9950 for Nifty, 24500 for BankNifty and 31950 for Sensex. Finally, Indian Stock Market closed flat for the day. Nifty closed right below EquityPandit’s predicted resistance levels of 9905 like a dot.
Today: Indian Stock Market to open gap negative. Technically, Indian Stock Market is still in positive zone but bearish candle that was formed yesterday, warns traders for profit booking. Rising issues over India-China border may be a matter of concern for Asian markets. Moreover, Asian markets are under pressure after investors on Wall Street sell off on growing uncertainty over the Trump administration’s ability to follow through on economic policy. Nifty needs to close above 9906 to resume its positive momentum. If Nifty managed to close below 9883 then bears would become active again and further downfall would be seen in the market. Market would see reversal and would enter into negative zone once it closes below 9814 for Nifty and 23958 for BankNifty on spot basis. If that happens then market would again test its immediate lows of 9700 in days to come. overall, market may consolidate and traders should keep booking partial profits at every upmove until Nifty closes above 9950 levels.
FIIs were net sellers of Rs.981.05 crores whereas DIIs were net buyers of Rs.828.59 crores in cash market for last trading session. Nifty would see strong support at 9883-9850-9807-9778 whereas strong resistance would be seen at 9905-9918-9950-9970 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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NSE Nifty: (9904) The support for the Nifty is 9883-9850-9807-9778 and the resistance to the up move is at 9905-9918-9950-9970 levels.
NSE BankNifty: (24237) The support for BankNifty is at 24170-24066-23940-23850 and the resistance to the up move is at 24312-24460-24535 levels.
BSE Sensex: (31795) The support for the Sensex is at 31718-31660-31500 and the resistance to the up move is at 31885-31950-32060-32180 levels.
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