Market To See Profit Booking But Go Long At Dips Until Nifty Holds 10300
Last Trading Session: Indian Stock Market opened flat for the day. EquityPandit predicted that market has entered into positive zone and traders can go long at every dip until Nifty holds above 10300 and exactly same happened. Indian Stock Market saw some profit booking as predicted by EquityPandit but recovered smartly from there. Traders, who followed EquityPandit’s advice to go long at dips might have earned huge profits for the day. Sensex also saw highs right at EquityPandit’s predicted resistance levels of 34078 like a dot. BankNifty also saw resistance near EquityPandit’s predicted resistance level of 25027 and fell down from there. Finally, Indian Stock Market closed flat with positive bias for the day.
Today: Indian Stock Market would open negative. Technically, Indian Stock Market is still in positive zone. Nifty has formed bearish candlestick pattern in last trading session which is formed during short term reversal and hence Market would definitely see some profit booking but still traders should go long at every dip in the market until Nifty holds above 10300 levels on closing basis. Though Nifty has given bearish signal yesterday but closing above 10480 would confirm the continuation of the positive momentum in the market and we would soon see levels of 10600 for Nifty, if that happens.
FIIs were net buyers of Rs.7028.42 crores whereas DIIs were net sellers of Rs.1613.39 crores in cash market for last trading session. Nifty would see strong support at 10400-10340-10300 whereas strong resistance would be seen 10500-10560-10618-10700 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: ANDHRABANK, BALRAMCHIN, BEML, DHFL, IDBI and JPASSOCIAT.
NSE Nifty: (10427) The support for the Nifty is 10400-10340-10300 and the resistance to the up move is at 10500-10560-10618-10700 levels.
NSE BankNifty: (24739) The support for BankNifty is at 24618-24536-24465-24400 and the resistance to the up move is at 24880-25027-25226 levels.
BSE Sensex: (33857) The support for the Sensex is at 33745-33665-33575 and the resistance to the up move is at 34000-34078-34110-34240 levels.
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