Nifty still consolidating, Initiate Short Only If Nifty Closes Below 10413
Last Trading Session: Indian Stock Market opened positive exactly as predicted by EquityPandit. EquityPandit predicted that market is still in positive zone but would enter into negative zone only if Nifty closes below 10413 levels and until then recovery is possible. Market recovered sharply as predicted by EquityPandit but was not able to breach EquityPandit’s predicted resistance of 10500 and fell down sharply exactly near to EquityPandit’s predicted support levels of 10400 like a dot. Finally, Indian Stock Market closed flat for the day.
Today: Indian Stock Market would open positive. Technically, Indian Stock Market is still in positive zone. Market has been consolidating and analysis would remain same. 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 there are strong chances of a bounce from these levels and hence, traders are still suggested to wait and watch for the breakout to confirm from the range.
FIIs were net buyers of Rs.522.74 crores whereas DIIs were net buyers of Rs.64.70 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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Stocks In F&O Ban Period: GMRINFRA, HDIL, IFCI, JPASSOCIAT, RCOM and RPOWER.
NSE Nifty: (10442) The support for the Nifty is 10413-10400-10340 and the resistance to the up move is at 10500-10550-10580 levels.
NSE BankNifty: (25338) The support for BankNifty is at 25318-25238-25165-25119 and the resistance to the up move is at 25470-25560-25695 levels.
BSE Sensex: (33812) The support for the Sensex is at 33745-33665-33575-33500 and the resistance to the up move is at 33940-34000-34078-34110 levels.
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