Initiate Fresh Short If Nifty Closes Below 10413, Until Then Recovery Possible
Last Trading Session: Indian Stock Market opened flat for the day. EquityPandit predicted that though market is in positive zone but profit booking would definitely be seen and exactly same happened. Indian Stock Market saw sharp profit booking as expected. Finally, Indian Stock Market closed gap negative for the day. BankNifty closed right at EquityPandit’s predicted support levels of 25318 like a dot.
Today: Indian Stock Market would open positive. Technically, Indian Stock Market is still in positive zone. Now Market is near its reversal levels. Some Short covering may be seen in the market but Market would enter into negative zone once it closes below 10413 for Nifty and 25318 for BankNifty. Traders can initiate fresh short positions if Market closes below these levels. Until then traders can wait and watch.
FIIs were net buyers of Rs.325.91 crores whereas DIIs were net sellers of Rs.1300.31 crores in cash market for last trading session. Nifty would see strong support at 10413-10400-10340 whereas strong resistance would be seen at 10500-10550-10580 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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NSE Nifty: (10436) The support for the Nifty is 10413-10400-10340 and the resistance to the up move is at 10500-10550-10580 levels.
NSE BankNifty: (25318) 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: (33812) The support for the Sensex is at 33745-33665-33575 and the resistance to the up move is at 33940-34000-34078-34110 levels.
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