Nifty To See Breakout If 10500 Breaches, Continue Long Until 10400 Holds
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened positive for the day. EquityPandit predicted that traders should continue to hold long positions as market would continue to see new record highs in days to come and exactly same happened. Indian Stock Market moved sharply positive. Sensex saw highs right at EquityPandit’s predicted resistance levels of 33865 like a dot. Finally, Indian Stock Market closed gap positive for the day. Nifty closed at record closing levels exactly as predicted by EquityPandit.
Today: Indian Stock Market would open flat with negative bias. Technically, Indian Stock Market is still in positive zone. Now, market is near its major resistance of 10500 for Nifty and traders should remain cautious as some profit booking would be seen at this point of time. Investors across the globe are awaiting final votes on US Tax cut legislation. Breaching levels of 10500 for Nifty would induce further buying in the market and a sharp breakout would be seen. Traders can hold long positions until Nifty holds above 10400 levels for now. Nifty would see record highs and next target of 10515-10550-10600 in days to come if Nifty managed to hold above 10400 for next 2-3 days.
FIIs were net sellers of Rs.407.83 crores whereas DIIs were net buyers of Rs.357.40 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: FORTIS, HDIL, JETAIRWAYS, JPASSOCIAT, JSWENERGY, TV18BRDCST and WOCKPHARMA.
NSE Nifty: (10463) 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: (25716) 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: (33837) 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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