Market Still Rangebound, Wait For Breakout Before Taking Further Positions
Last Trading Session: Indian Stock Market opened flat with positive bias. EquityPandit predicted that market is still in positive zone but its consolidating within the range of 10460 and 10550 for Nifty and exactly same happened. Indian Stock Market moved within EquityPandit’s predicted range and finally, managed to close positive for the day.
Today: Indian Stock Market would open negative. Technically, Indian Stock Market is still in positive zone. Analysis would remain same. Some Profit booking would definitely be seen but market needs to breach the range of 10460 and 10550 for Nifty on closing basis to determine the next direction. Nifty would see reversal only if it closes below 10413 and until then traders should not initiate any short positions. BankNifty expected to see big movement of 4-5% on either side in the month of January 2018 and hence traders should wait for right breakout before entering into the trade. BankNifty would enter into negative zone only if it closes below 25318, until then traders should hold long positions in the market.
FIIs were net buyers of Rs.595.04 crores whereas DIIs were net buyers of Rs.461.37 crores in cash market for last trading session. Nifty would see strong support at 10460-10413-10400-10360 whereas strong resistance would be seen at 10550-10580-10610 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: HDIL and JPASSOCIAT.
NSE Nifty: (10531) The support for the Nifty is 10460-10413-10400-10360 and the resistance to the up move is at 10550-10580-10610 levels.
NSE BankNifty: (25539) The support for BankNifty is at 25450-25400-25318-25245 and the resistance to the up move is at 25570-25660-25735-25862 levels.
BSE Sensex: (34057) The support for the Sensex is at 33880-33745-33665-33575 and the resistance to the up move is at 34078-34110-34240-34380 levels.
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