Nifty Needs To Trade Above 10500 For Breakout Confirmation, Hold Long For Now
Last Trading Session: Indian Stock Market opened flat with positive bias. EquityPandit predicted that Indian Stock Market is still in positive zone and traders should continue to hold long positions in the market. EquityPandit also predicted that market would consolidate but breaching 10500 while closing would confirm a breakout and exactly same happened. Indian Stock Market moved sharply positive and achieved EquityPandit’s predicted target of 10535. Finally, Indian Stock Market closed positive for the day just below EquityPandit’s predicted resistance levels of 10535 for Nifty like a dot.
Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still in positive zone. Now, since market has seen a breakout from its psychological resistance levels of 10500 for Nifty, traders can continue to hold long positions in the market. Market needs to trade above 10500 for next couple of days to confirm this breakout. Market would enter into negative trend and see reversal only if it closes below 10393 for Nifty and 25318 for BankNifty. Until then traders can continue to hold long positions in the market.
FIIs were net sellers of Rs.44.07 crores whereas DIIs were net buyers of Rs.544.50 crores in cash market for last trading session. Nifty would see strong support at 10475-10440-10400-10360 whereas strong resistance would be seen at 10565-10610-10652 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, DHFL, DLF, GMRINFRA, HDIL, IFCI, JETAIRWAYS, JISLJALEQS, JPASSOCIAT, RELCAPITAL and WOCKPHARMA.
NSE Nifty: (10532) The support for the Nifty is 10475-10440-10400-10360 and the resistance to the up move is at 10565-10610-10652 levels.
NSE BankNifty: (25675) 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: (34011) The support for the Sensex is at 33865-33745-33665-33575 and the resistance to the up move is at 34078-34110-34240 levels.
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