Nifty Still Consolidating, Hold Long Positions Until Close Above 10300
Last Trading Session: Indian Stock Market opened flat with positive bias as predicted by EquityPandit. EquityPandit predicted that market is still in positive zone and traders should hold long positions until Nifty holds above 10300 on closing basis and exactly same happened. Indian Stock Market consolidated between Equitypandit’s predicted resistance and support levels for the day and finally, managed to close flat for the day.
Today: Indian Stock Market would open flat for the day. Technically, Indian Stock Market is still in positive zone. Nifty has formed another DOJI candlestick pattern for the third day in a row. Market has been consolidating for last couple of days and a breakout from these levels is not ruled out in either direction. Profit booking would be seen at higher levels but Traders can hold long positions until Nifty holds above nearest support levels of 10300 on closing basis. Market would be considered to have taken reversal from the positive trend only if it closes below 10256 levels for Nifty and 25553 levels for BankNifty on spot basis and until then traders should not initiate any short positions in the market. Overall, market is still bullish and traders can continue to hold long positions with stoploss below 10300 for Nifty on closing basis.
FIIs were net buyers of Rs.73.22 crores whereas DIIs were net buyers of Rs.222.21 crores in cash market for last trading session. Nifty would see strong support at 10300-10260-10232-10200 whereas strong resistance would be seen at 10360-10386-10400-10440 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
Stocks In F&O Ban Period: DHFL, DLF, FORTIS, HDIL, INFIBEAM, JETAIRWAYS, JISLJALEQS, JSWENERGY, JPASSOCIAT, JUSTDIAL, RCOM, TV18BRDCST and WOCKPHARMA.
NSE Nifty: (10349) The support for the Nifty is 10300-10270-10232-10200 and the resistance to the up move is at 10360-10386-10400-10440 levels.
NSE BankNifty: (25736) The support for BankNifty is at 25665-25598-25500-25400 and the resistance to the up move is at 25862-25925-26000-26060 levels.
BSE Sensex: (33588) The support for the Sensex is at 33435-33340-33290-33200 and the resistance to the up move is at 33652-33735-33865 levels.
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