Market Still In consolidation, Initiate Short Only If Nifty Closes Below 10300
Last Trading Session: Indian Stock Market opened negative as predicted by EquityPandit. EquityPandit predicted that market would see further profit booking but traders should intiate short positions only if Nifty closes below 10300 and until then traders can go long at dips. Indian Stock Market moved sharply negative and saw lows right near EquityPandit’s predicted support levels of 10340. Finally, Indian Stock Market closed negative for the day.
Today: Indian Stock Market would open gap negative. Technically, Indian Stock Market is still in positive zone and analysis would remain same. China trade war fear still linger and Indian Stock Market is still in consolidation phase. Closing below 10300 would confirm reversal from the bullish trend and market would enter into bearish trend but until then there is strong chance of a bounce back. Traders can continue to hold long positions until 10300 holds for Nifty on closing basis but if Nifty managed to close below 10300 then traders can close all long positions and initiate short positions.
FIIs were net sellers of Rs.705.4 crores whereas DIIs were net buyers of Rs.256.45 crores in cash market for last trading session. Nifty would see strong support at 10340-10300-10211 whereas strong resistance would be seen 10435-10500-10560-10618 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: BALRAMCHIN, BANKINDIA, BEML, DHFL and TV18BRDCST.
NSE Nifty: (10360) The support for the Nifty is 10340-10300-10211 and the resistance to the up move is at 10435-10500-10560-10618 levels.
NSE BankNifty: (24792) The support for BankNifty is at 24618-24536-24465-24400 and the resistance to the up move is at 24880-25027-25120-25226 levels.
BSE Sensex: (33686) The support for the Sensex is at 33575-33495-33380 and the resistance to the up move is at 33772-33870-34000-34078 levels.
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