Profit Booking In Initial Trade, Hold Long With Stoploss Below 10300 For Nifty
Last Trading Session: Indian Stock Market opened positive for the day. EquityPandit predicted that market is still in positive zone. EquityPandit also predicted that Nifty has been consolidating and forming Doji Candlestick Pattern for three days in a row and hence a breakout is not ruled out at this point of time and exactly same happened. Market moved sharply positive and saw a range breakout. Market saw highs right near EquityPandit’s predicted resistance levels of 10400 for Nifty and 33735 levels for Sensex like a dot. Traders, who followed Equitypandit’s advice to hold long positions with stoploss of 10300 for Nifty might have earned huge profits for the day. Finally, Indian Stock Market closed gap positive for the day.
Today: Indian Stock Market would open negative for the day as a reaction of NO Upgrade by S&P, which market was expecting. Technically, Indian Stock Market is still in positive zone. Some profit booking would be seen at this point of time as a reaction of rating hold from S&P but market would still be considered bullish until Nifty holds 10300 spot levels on closing basis. Traders can continue to hold long positions until market holds above 10300 for Nifty and 25553 for BankNifty on closing basis. Market is expected to recover after initial fall. Market has seen a breakout from the range and now next logical target for Nifty is placed at 10450-10485-10535 if Nifty holds above 10300 in next couple of days. Traders can continue to hold long positions in Nifty with stoploss below 10300 on closing basis.
FIIs were net sellers of Rs.416.28 crores whereas DIIs were net buyers of Rs.427.63 crores in cash market for last trading session. Nifty would see strong support at 10360-10300-10260 whereas strong resistance would be seen at 10452-10490-10505-10535 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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Stocks In F&O Ban Period: DHFL, FORTIS, GMRINFRA, HDIL, INFIBEAM, JETAIRWAYS, JISLJALEQS, JSWENERGY, JPASSOCIAT, JUSTDIAL, RCOM, SYNDIBANK and WOCKPHARMA.
NSE Nifty: (10390) The support for the Nifty is 10360-10300-10260 and the resistance to the up move is at 10452-10490-10505-10535 levels.
NSE BankNifty: (25780) 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: (33679) The support for the Sensex is at 33640-33500-33435-33340 and the resistance to the up move is at 33735-33865-33940 levels.
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