Continue Long Positions Until Nifty Holds 9983 On Closing Basis
Last Trading Session: Indian Stock Market opened positive for the day. Market remained bullish for the whole trading session and Nifty managed to trade above 10000 levels for the day. Finally, Indian Stock Market closed gap positive for the day.
Today: Indian Stock Market to open positive. Technically, Indian Stock Market is still in positive zone. Market is forming strong base at 10000 levels for Nifty and 25000 levels for BankNifty. If market manages to hold these levels for next couple of sessions then this rally would not end till 10500-11000. Though some correction is possible but traders can continue long positions until Nifty holds 9983 levels on closing basis. If Nifty closes below 9983 then it would be considered as a reversal of the trend and a sharp downfall would be seen but until then traders should hold long positions. Closing above 10120 would force Nifty to see levels of 10180-10260 levels. 9983 would be an important level for traders to watch out on closing basis.
FIIs were net sellers of Rs.223.12 crores whereas DIIs were net buyers of Rs.424.67 crores in cash market for last trading session. Nifty would see strong support at 10000-9983-9948-9920 whereas strong resistance would be seen at 10100-10120-10180-10260 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: Century Plyboards, DCM Shriram, EIH, JSW Steel, Marico, PC Jeweller, Piramal Enterprises, Power Grid Corporation, Reliance Defence & Engineering, Shriram City, Tata Investment Corporation, Tech Mahindra and Torrent Power
NSE Nifty: (10077) The support for the Nifty is 10000-9983-9948-9920 and the resistance to the up move is at 10100-10120-10180-10260 levels.
NSE BankNifty: (25104) The support for BankNifty is at 25000-24940-24820-24750 and the resistance to the up move is at 25180-25240-25380-25500 levels.
BSE Sensex: (32515) The support for the Sensex is at 32400-32320-32270-32225 and the resistance to the up move is at 32660-32712-32800-32880 levels.
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