Book Profits In Short Positions As Nifty Near Support But Go Long Only Above 10230
Last Trading Session: Indian Stock Market opened negative as predicted by EquityPandit. EquityPandit predicted that market is still in negative zone and further downfall would be seen. EquityPandit also predicted that Nifty would drift towards EquityPandit’s predicted targets of 10143-10100 and exactly same happened. Indian Stock Market saw sharp downfall and saw lows right below EquityPandit’s predicted target of 10100. Traders, who followed EquityPandit’s advice might have earned huge profits for the day. Finally, Indian Stock Market closed gap negative for the day. BankNifty also saw lows right at EquityPandit’s predicted support levels of 25165 like a dot.
Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still in negative zone. Nifty has already achieved EquityPandit’s predicted targets of 10100 yesterday. Now, Market is near its crucial support of 10080-10000 levels for Nifty and there is high chance of consolidation cum positive bounce from these levels. Market would enter into positive zone only if Nifty closes above 10230 spot levels and until then bears would dominate the market. BankNifty has managed to hold support levels for last couple of days and a positive bounce can’t be ruled out in BankNifty. Once Nifty closes above 10230, traders can initiate fresh long positions. For now, since Nifty is near its important support levels, traders can start booking partial profits in short positions.
FIIs were net sellers of Rs.381.42 crores whereas DIIs were net buyers of Rs.869.09 crores in cash market for last trading session. Nifty would see strong support at 10080-10050-9992 whereas strong resistance would be seen at 10180-10230-10252-10283 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, IBREALEST, INDIACEM, INFIBEAM, JETAIRWAYS,JSWENERGY, JPASSOCIAT, JUSTDIAL, KSCL, RCOM and RELCAPITAL.
NSE Nifty: (10118) The support for the Nifty is 10080-10050-9992 and the resistance to the up move is at 10180-10230-10252-10283 levels.
NSE BankNifty: (25219) The support for BankNifty is at 25165-25119-24948 and the resistance to the up move is at 25320-25400-25470-25560 levels.
BSE Sensex: (32760) The support for the Sensex is at 32670-32600-32500-32380 and the resistance to the up move is at 32880-32950-33060-33118 levels.
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