Nifty Trading In 10310-10410 Range, Continue Long Until 10310 Holds
Last Trading Session: Indian Stock Market opened negative exactly as per EquityPandit’s predictions. EquityPandit predicted that market would see some profit booking but traders can continue to hold long positions. Indian Stock Market saw sharp volatility as expected. Nifty fell down sharply after making intraday highs of 10409. Market saw lows right near EquityPandit’s predicted support levels of 10360 for Nifty and 25800 for BankNifty. Finally, Indian Stock Market closed marginally negative for the day.
Today: Indian Stock Market would open positive for the day. Technically, Indian Stock Market is still in positive zone. Analysis would still remain same. Market would enter into negative zone only if it closes below 10310 for Nifty and 25660 for BankNifty spot levels. Until then traders can continue to hold long positions. Global Market are positive as US Senate get closer to passing tax reforms and North Korea news of Missile Test on Tuesday got shrugged off. If Nifty manages to hold above 10310 in next couple of sessions then it would move towards the logical targets of 10450-10485-10535 in days to come. 10410 level for Nifty would act as immediate resistance to deal with, breaching which on closing basis, it would see next bull move but until then market would see sideways movement in a rangebound region of 10310-10410 for Nifty.
FIIs were net buyers of Rs.12.24 crores whereas DIIs were net sellers of Rs.428.15 crores in cash market for last trading session. Nifty would see strong support at 10360-10300-10260 whereas strong resistance would be seen at 10410-10452-10490-10505 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, ORIENTBANK, SYNDIBANK, TV18BRDCST and WOCKPHARMA.
NSE Nifty: (10370) The support for the Nifty is 10360-10300-10260 and the resistance to the up move is at 10410-10452-10490-10505 levels.
NSE BankNifty: (25846) The support for BankNifty is at 26800-25665-25598-25500 and the resistance to the up move is at 25955-26000-26060-26180 levels.
BSE Sensex: (33619) The support for the Sensex is at 33575-33500-33435-33340 and the resistance to the up move is at 33745-33865-33940 levels.
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