Market Would See Further Positive Rally, Hold Long Positions
Last Trading Session: Indian Stock Market opened gap positive exactly as predicted by EquityPandit. EquityPandit predicted that market is still in positive trend and traders can continue to hold long positions. Nifty opened gap positive and fell down sharply to see lows right at EquityPandit’s predicted support levels of 10598 like a dot. BankNifty also saw lows right at EquityPandit’s predicted support levels of 25556 like a dot. Market recovered sharply from there and saw highs right at EquityPandit’s predicted resistance levels of 25772 like a dot. Finally, Indian Stock Market managed to close gap positive for the day.
Today: Indian Stock Market would open gap positive. Technically, Indian Stock Market is still in positive zone. Market would be considered weak and enter into negative zone ONLY if it closes below 10573 for Nifty and 25528 levels for BankNifty. Until then traders should continue to hold long and expect market to see further positive rally in days to come. Next logical target for Nifty is at 10740-10800 as long as it manages to hold above 10573 levels on closing basis.
FIIs were net seller of Rs.158.16 crores whereas DIIs were net buyers of Rs.696.25 crores in cash market for last trading session. Nifty would see strong support at 10645-10598-10573-10520 whereas strong resistance would be seen at 10705-10718-10740-10800 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: DISHTV, FORTIS, GMRINFRA, HDIL, JETAIRWAYS, JINDALSTEL, JISLJALEQS, JPASSOCIAT, KSCL, RCOM, RELCAPITAL, RPOWER and WOCKPHARMA.
Important Q3 Results To Be Disclosed Today: Delta Corp and Federal Bank.
NSE Nifty: (10681) The support for the Nifty is 10645-10598-10573-10520 and the resistance to the up move is at 10705-10718-10740-10800 levels.
NSE BankNifty: (25749) The support for BankNifty is at 25612-25556-25528-25500 and the resistance to the up move is at 25772-25862-25925-26000 levels.
BSE Sensex: (34592) The support for the Sensex is at 34500-34428-34400-34300 and the resistance to the up move is at 34660-34740-34880 levels.
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