Hold Long Positions With Stoploss Of 10199 For Nifty On Closing Basis
Last Trading Session: Indian Stock Market opened flat for the day. EquityPandit predicted that Indian Stock Market is in positive zone. EquityPandit predicted that traders should go long at dips in the market and exactly same happened. Indian Stock Market saw some profit booking in initial trade but moved sharply positive from day lows to close positive for the day.
Today: Indian Stock Market would open gap positive for the day. Technically, Indian Stock Market is still in positive zone. Analysis would remain same and traders can hold long positions or go long at dips until market holds 10199 levels for Nifty and 25500 levels for BankNifty on closing basis. Nifty needs to close above 10340 for sustained positive trend and until then market would consolidate in a rangebound region. Closing below 10199 for Nifty and 25500 for BankNifty would confirm the downtrend in the market. So, traders can hold long with closing stoploss of 10199 levels for Nifty and 25500 levels for BankNifty on spot basis.
FIIs were net sellers of Rs.358.74 crores whereas DIIs were net buyers of Rs.613 crores in cash market for last trading session. Nifty would see strong support at 10270-10232-10200-10175 whereas strong resistance would be seen at 10352-10386-10400-10440 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, HDIL, ICIL, INFIBEAM, JETAIRWAYS, JSWENERGY, JPASSOCIAT, JUSTDIAL, KSCL, RCOM, RELCAPITAL and TV18BRDCST.
NSE Nifty: (10299) The support for the Nifty is 10270-10232-10200-10175 and the resistance to the up move is at 10352-10386-10400-10440 levels.
NSE BankNifty: (25769) The support for BankNifty is at 25693-25598-25500-25400 and the resistance to the up move is at 25862-25925-26000-26060 levels.
BSE Sensex: (33360) The support for the Sensex is at 33200-33165-33012 and the resistance to the up move is at 33417-33450-33500-33560 levels.
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