Initiate Short If Nifty Closes Below 10676, Book Partial Profits In Long Positions
Last Trading Session: Indian Stock Market opened flat as predicted by EquityPandit. EquityPandit predicted that Indian Stock Market is still in positive zone but Nifty has formed Shooting Star candlestick pattern that suggest that a consolidation or reversal can be seen here and exactly same happened. Indian Stock Market moved positive but saw profit booking as predicted by EquityPandit and finally, managed to close negative for the day. Nifty closed just above EquityPandit’s predicted support levels of 10700 like a dot.
Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still in positive zone. Now, market is in rangebound region. Reversal would take place only if market closes below 10676 for Nifty and 25830 levels for BankNifty. Traders can initiate fresh short positions if market closes below these levels but until then traders can hold long positions for now. Global Markets have reversed from their record highs, which is a matter of concern for Indian Stock Market. Now BankNifty needs to sustain above 25950 to hold the broader markets and continue the positive momentum. Closing below 25950 for BankNifty, can induce further selling in the market. Booking partial profits at this point of time would be good option for risk-averse investors and traders.
FIIs were net buyers of Rs.693.17 crores whereas DIIs were net sellers of Rs.246.38 crores in cash market for last trading session. Nifty would see strong support at 10700-10675-10645-10598 whereas strong resistance would be seen at 10765-10800-10840-10880 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: (10700) The support for the Nifty is 10700-10675-10645-10598 and the resistance to the up move is at 10765-10800-10840-10880 levels.
NSE BankNifty: (25975) The support for BankNifty is at 25940-25850-25770 and the resistance to the up move is at 26067-26160-26200-26270 levels.
BSE Sensex: (34771) The support for the Sensex is at 34685-34500-34428 and the resistance to the up move is at 34880-34965-35000-35067 levels.
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