Market To See Sideways Movement But Continue Long Until Nifty Holds Above 10400
Last Trading Session: Indian Stock Market opened flat for the day. The opening tick was exactly near our resistance of 10500 for Nifty but immediately, it fell down sharply below the previous close. EquityPandit predicted that market is near its major resistance of 10500 for Nifty and traders should remain cautious as market would seen profit booking at this point of time and exactly same happened. Indian Stock Market saw some profit booking for the day and managed to close flat for the day. Sensex also traded right between EquityPandit’s predicted resistance and support levels of 33940 and 33745 respectively.
Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still in positive zone. 10500 would still act as important resistance for Nifty but until 10400 holds, there is strong hope of breakout. Traders should hold long positions until Nifty holds above 10400. Market would see sideways movement in a rangebound region until Nifty breaches 10500. Traders can book profits if Nifty closes below 10400 but until then traders can continue to hold long positions or buy on dips.
FIIs were net sellers of Rs.1505.04 crores whereas DIIs were net buyers of Rs.146.17 crores in cash market for last trading session. Nifty would see strong support at 10400-10360-10300 whereas strong resistance would be seen at 10515-10535-10565-10610 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: BALRAMCHIN, DLF, FORTIS, HDIL, JETAIRWAYS, JPASSOCIAT and JSWENERGY.
NSE Nifty: (10444) The support for the Nifty is 10400-10360-10300 and the resistance to the up move is at 10515-10535-10565-10610 levels.
NSE BankNifty: (25592) The support for BankNifty is at 25500-25400-25318 and the resistance to the up move is at 25862-25925-26000-26060 levels.
BSE Sensex: (33777) The support for the Sensex is at 33745-33665-33575-33500 and the resistance to the up move is at 33865-33940-34078-34110 levels.
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