Next Target For Nifty Is 10100, Hold Short Until Close Above 10437
Last Trading Session: Indian Stock Market opened positive for the day. EquityPandit predicted on Monday that Market is Sell On Positive Rally until Nifty closes above 10585. EquityPandit also predicted that traders should either hold short or go short at every positive rally until Nifty closes above 10585 as market will fell down sharply once it closes below 10300 and exactly same happened. Market moved sharply negative and breached 10300. Traders who followed EquityPandit’s advice might have earned huge profits for the day.
Today: Indian Stock Market would open flat. Technically, Nifty and BankNifty are still in negative zone. Nifty has taken breakdown below 10300 levels. Now, Next target for Nifty is set to 10100 levels and traders can continue to hold short positions for now until Nifty closes above 10437 on spot basis. Now 10300-10450 would act as strong resistance for the Nifty. Overall, traders should hold short positions for targets of 10100-10000 levels. Market has made its highs atleast for next few months and a downfall till 10100-10000 is possible for Nifty.
FIIs were net buyers of Rs.620.08 crores whereas DIIs were net sellers of Rs.734.33 crores in cash market for last trading session. Nifty would see strong support at 10215-10097-10065-10000 whereas strong resistance would be seen 10315-10437-10500 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, FORTIS, HDIL, IDBI and ORIENTBANK.
NSE Nifty: (10249) The support for the Nifty is 10215-10097-10065-10000 and the resistance to the up move is at 10315-10437-10500 levels.
NSE BankNifty: (24448) The support for BankNifty is at 24360-24270-24150-24050 and the resistance to the up move is at 24584-24730-24880-25050 levels.
BSE Sensex: (33317) The support for the Sensex is at 34000-33850-34700-34650 and the resistance to the up move is at 34300-34351-34475-34535 levels.
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