Market Entered Positive Zone, Hold Long Positions Or Go Long At Dips For Now
Last Trading Session: Indian Stock Market opened flat with positive bias for the day. Market saw some profit booking till 9774 levels for Nifty but recovered smartly to see 9900 levels. BankNifty saw highs right at EquityPandit’s predicted resistance levels of 24460 like a dot. Finally, Indian Stock market closed gap positive for the day.
Today: Indian Stock Market to open flat. Technically, Indian Stock Market, including Nifty, Sensex and BankNifty has entered into positive zone. Both Nifty and BankNifty managed to close above its 20 day EMA, which is a positive signal for the market. If Nifty managed to hold these levels then we would see a rally till 9980 in upcoming trading sessions. Traders can continue to hold long positions as of now and keep on booking partial profits on the way till 9980 levels. Some profit booking can’t be ruled out at higher levels but traders can go long at dips for now.
FIIs were net sellers of Rs.1090.10 crores whereas DIIs were net buyers of Rs.1336.91 crores in cash market for last trading session. Nifty would see strong support at 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.
Click Here to Check the Trend Of Major Indices and Stocks
NSE Nifty: (9897) The support for the Nifty is 9850-9807-9778 and the resistance to the up move is at 9905-9918-9950-9970 levels.
NSE BankNifty: (24438) The support for BankNifty is at 24380-24340-24260 and the resistance to the up move is at 24500-24640-24720-24865 levels.
BSE Sensex: (31771) 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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