All Eyes Now At 11000 For Nifty, Continue Long Until 10836 Holds
Last Trading Session: Indian Stock Market opened flat for the day as predicted by EquityPandit. EquityPandit predicted that market is still in positive zone and formed a strong bullish candlestick in last trading session. EquityPandit also predicted that traders should continue to hold long positions while booking partial profits as Nifty is near its psychological resistance of 11000 and exactly same happened. Indian Stock Market moved sharply positive after flat opening and saw highs right at EquityPandit’s predicted resistance levels of 10971 for Nifty and 27067 for BankNifty. Finally, Indian Stock Market closed gap positive for the day but still below 11000 levels for Nifty.
Today: Indian Stock Market would open gap positive. Technically, Indian Stock Market is still in positive zone. Now, all eyes are at 11000 for Nifty. Nifty would hit 11000 for the first time. Nifty needs to close above 11000 to continue the positive momentum of the market. Until then 11000 would act as strong psychological resistance for Nifty that would resist bulls to enter into the market to create further positive momentum. Some Profit booking can be seen near 11000 levels. Nifty possess strong support at 10880 levels below which bears may enter into the market with fresh selling and create some negative momentum. Traders can continue to hold long positions until Nifty holds 10836 levels on closing basis, which is our reversal level.
FIIs were net buyers of Rs.1567.51 crores whereas DIIs were net buyers of Rs.461.87 crores in cash market for last trading session. Nifty would see strong support at 10921-10880-10836-10780 whereas strong resistance would be seen 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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NSE Nifty: (10966) The support for the Nifty is 10921-10880-10836-10780 and the resistance to the up move is at 11005-11067 levels.
NSE BankNifty: (27041) The support for BankNifty is at 26950-26872-26800 and the resistance to the up move is at 27110-27180-27270-27380 levels.
BSE Sensex: (35798) The support for the Sensex is at 35670-35585-35540-35500 and the resistance to the up move is at 35880-35970-36067-36110 levels.
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