Market Consolidating In A Range, Wait For Breakout To Take Further Trades
Last Trading Session: Indian Stock Market opened positive as per EquityPandit’s predictions. Indian Stock market consolidated in a rangebound region with high volatility as predicted. Finally, Indian Stock Market closed flat for the day. Market closed right above EquityPandit’s predicted support level of 10470 for Nifty and 33840 for Sensex.
Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still in positive zone. Market have been consolidated for last couple of days and we may soon see a breakout from the range. Trading below 10460 for Nifty would induce risk of selloff whereas breaching levels of 10550 for Nifty would force market to see a sharp breakout. Traders should hold maximum cash in hand until the clear trend emerges. For now, traders should wait and watch. Market would see reversal and would enter into negative trend only if it closes below 10397 for Nifty and 25318 for BankNifty.
FIIs were net buyers of Rs.562.55 crores whereas DIIs were net sellers of Rs.774.09 crores in cash market for last trading session. Nifty would see strong support at 10460-10425-10400-10360 whereas strong resistance would be seen at 10500-10550-10580-10610 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: NIL
NSE Nifty: (10478) The support for the Nifty is 10460-10425-10400-10360 and the resistance to the up move is at 10500-10550-10580-10610 levels.
NSE BankNifty: (25490) The support for BankNifty is at 25400-25318-25245 and the resistance to the up move is at 25550-25660-25735-25862 levels.
BSE Sensex: (33848) The support for the Sensex is at 33745-33665-33575 and the resistance to the up move is at 33975-34078-34110-34240 levels.
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