Nifty Near Psychological Resistance of 11000, Book Partial Profits
Last Trading Session: Indian Stock Market opened positive for the day. EquityPandit predicted that market is still in positive zone and traders should continue to hold long positions in the market until Nifty holds 10751 on closing basis and exactly same happened. Indian Stock Market moved sharply positive after flat opening but saw high right at EquityPandit’s predicted resistance levels of 10905 for Nifty like a dot. Finally, Indian Stock Market managed to close gap positive for the day.
Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still in positive zone. Market has formed strong bullish candlestick in last trading session. Now we have entered into F&O expiry week. This week is truncated and some profit booking can’t be ruled out at this point of time. Market is over extended and could see some profit booking but traders can continue to hold long positions until Nifty holds above 10762 on closing basis. We are near to our target and a psychological resistance of 11000 levels for Nifty, so traders are suggested to book partial profits and hold remaining positions with the closing stoploss of 10762 for Nifty. Axis Bank would disclose its quarterly results and would affect the direction of Banking sector for the day.
FIIs were net buyers of Rs.988.25 crores whereas DIIs were net buyers of Rs.209.86 crores in cash market for last trading session. Nifty would see strong support at 10840-10780-10744-10700 whereas strong resistance would be seen at 10936-10971-11005-11067 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, GMRINFRA, HCC, HDIL, IFCI, JISLJALEQS and KSCL.
Important Q3 Results To Be Disclosed Today: Asian Paints, Axis Bank, DHFL, Havells India, Just Dial, Rallis India, Vakrangee and V-Guard Industris.
NSE Nifty: (10895) The support for the Nifty is 10840-10780-10744-10700 and the resistance to the up move is at 10936-10971-11005-11067 levels.
NSE BankNifty: (26910) The support for BankNifty is at 26800-26685-26620-26500 and the resistance to the up move is at 26971-27005-27067-27110 levels.
BSE Sensex: (35512) The support for the Sensex is at 35400-35340-35300-35230 and the resistance to the up move is at 35550-35680-35740-35880 levels.
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