Market To Bounce From Support But Nifty Target Of 10100 Intact
Last Trading Session: Indian Stock Market opened flat exactly as predicted by EquityPandit. EquityPandit predicted that market is still in negative zone and next target for Nifty is set to 10100. EquityPandit also suggested traders to hold short positions for now and exactly same happened. Indian Stock Market fell down sharply and traders who followed EquityPandit’s advice might have earned huge profits for the day. Finally, Indian Stock Market closed gap negative for the day.
Today: Indian Stock Market would open positive. Technically, Nifty and BankNifty are still in negative zone. The target for Nifty of 10100 is intact until it holds below 10305 on closing basis. Traders should hold short positions until Nifty holds below 10305 on closing basis. The market is near its major support and a bounce back is possible from here but traders should initiate fresh long positions only if Nifty closes above 10305 and until then market is negative and traders should hold short positions in the market.
FIIs were net sellers of Rs.719.78 crores whereas DIIs were net buyers of Rs.409.34 crores in cash market for last trading session. Nifty would see strong support at 10097-10065-10000 whereas strong resistance would be seen 10205-10315-10437 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: DHFL, HDIL, IDBI and ORIENTBANK.
NSE Nifty: (10154) The support for the Nifty is 10097-10065-10000 and the resistance to the up move is at 10205-10315-10437 levels.
NSE BankNifty: (24134) The support for BankNifty is at 24050-23978-23923-23765 and the resistance to the up move is at 24270-24360-24584 levels.
BSE Sensex: (33033) The support for the Sensex is at 32800-32670-32600 and the resistance to the up move is at 33118-33180-33240-33380 levels.
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