Short Covering To Be Seen But Breakout Only If 10300-10493 Range Breaks For Nifty
Last Trading Session: Indian Stock Market opened negative exactly as predicted by EquityPandit. EquityPandit predicted that market is still in negative zone and traders can continue to trade in the range until Nifty see a closing out of 10300-10523 range and exactly same happened. Indian Stock Market remained rangebound as predicted by EquityPandit. Finally, Indian Stock Market closed negative for the day.
Today: Indian Stock Market would open positive. Technically, Indian Stock Market is still in negative zone. Now, we have entered into new contract and some short covering rally (positive rally) would definitely be seen. We may see some positive movement but still market would see sideways movement in a rangebound region. Closing below 10300 would force Nifty to see 10100 levels and hence traders can initiate short if 10300 breaches on closing basis. For now, Intraday Traders can go long with Stoploss below 10300 on closing basis whereas long positions can be taken home only if Nifty managed to close above 10493 levels and BankNifty closes above 25273 levels. Until then market would be considered negative and traders can buy near support and sell near resistance levels.
FIIs were net sellers of Rs.2335.34 crores whereas DIIs were net buyers of Rs.1059.42 crores in cash market for last trading session. Nifty would see strong support at 10300-10275-10100-10065 whereas strong resistance would be seen 10451-10500-10618-10700 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: NIL.
NSE Nifty: (10383) The support for the Nifty is 10300-10275-10100-10065 and the resistance to the up move is at 10451-10500-10618-10700 levels.
NSE BankNifty: (24955) The support for BankNifty is at 24798-24618-24500 and the resistance to the up move is at 25000-25075-25200-25340 levels.
BSE Sensex: (33820) The support for the Sensex is at 33480-33313-33180-33000 and the resistance to the up move is at 34000-34225 levels.
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