Book Profits In Long Positions After Initial Positive Movement For Today
Last Trading Session: Indian Stock Market opened negative as predicted by EquityPandit. EquityPandit also predicted that market would see some profit booking but traders should continue long positions until Nifty holds 10980 on closing basis and exactly same happened. Indian Stock Market opened negative and saw lows right near EquityPandit’s predicted support levels of 11050 for Nifty. Market recovered from the lows but remained rangebound for the whole day and finally, closed flat for the day.
Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still in positive zone. BankNifty would see gap positive opening backed by the PSU bank recapitalization news. Today is F&O Expiry and now, Indian Stock Market would see some profit booking after an initial positive movement. Indian Stock Market has formed an indecisive pattern in last trading session and hence, if Nifty is not able to breach 11110 in initial trade then some profit booking would definitely be seen in the market. Market is overstretched and hence traders can book profits in long positions after an initial positive movement, as some downfall is expected after a positive movement. This would be just a temporary profit booking and reversal would be considered only if Nifty closes below 10977 for the day. Fresh short positions should be initiated only if Nifty closes below 10977.
FIIs were net buyers of Rs.776.42 crores whereas DIIs were net sellers of Rs.193.87 crores in cash market for last trading session. Nifty would see strong support at 11050-11000-10980-10921 whereas strong resistance would be seen 11139-11175-11200-11240 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: GMRINFRA, HDIL, JETAIRWAYS, JINDALSTEL, JPASSOCIAT and RCOM.
Important Q3 Results To Be Disclosed Today: Ajanta Pharma, Avenue Supermarts, Dr Reddys Laboratories, Jindal Steel & Power, L&T Finance Holdings, LIC Housing Finance, Maruti Suzuki, Nilkamal, Shriram City Union Finance, Tata Coffee, UPL and VIP Industries.
NSE Nifty: (11086) The support for the Nifty is 11050-11000-10980-10921 and the resistance to the up move is at 11139-11175-11200-11240 levels.
NSE BankNifty: (27398) The support for BankNifty is at 27280-27145-27100-27045 and the resistance to the up move is at 27422-27500-27550-27640 levels.
BSE Sensex: (36162) The support for the Sensex is at 36000-35940-35870-35795 and the resistance to the up move is at 36225-36270-36380-36440 levels.
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