Profit Booking To Be Seen But Continue Long Until Nifty Holds 10980
Last Trading Session: Indian Stock Market opened gap positive as predicted by EquityPandit. EquityPandit predicted that Indian Stock Market is still in positive zone and Nifty would hit 11000 for the first time. EquityPandit also suggested traders to continue long positions until Nifty holds above 10836 levels on closing basis and exactly same happened. Indian Stock Market moved sharply positive breaching all resistance levels and managed to close above 11000 for the first time. Traders who followed EquityPandit’s advice to stay long might have earned huge profits for the day. Finally, Indian Stock Market closed gap positive for the day.
Today: Indian Stock Market would open negative. Technically, Indian Stock Market is still in positive zone. Now logically, no major resistance exists until 11500. This is a pre-budget rally filled with euphoria. Traders should continue to hold long positions until Nifty holds above 10980 levels on closing basis. Now, 11000 would act as major support for Nifty. Traders should remain cautious and keep a tight stoploss below 11000 as they can anytime face profit booking at higher levels.
FIIs were net buyers of Rs.1229.35 crores whereas DIIs were net buyers of Rs.169.03 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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NSE Nifty: (11084) 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: (27391) 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: (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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