Profit Booking Expected But Initiate Short Only If Nifty Closes Below 10392
Last Trading Session: Indian Stock Market opened positive exactly as predicted by EquityPandit. EquityPandit predicted that Indian Stock Market is still in positive zone and next logical target for Nifty is at 10500. EquityPandit also predicted that traders should continue long positions until Nifty holds above 10334 and exactly same happened. Indian Stock Market moved sharply positive and saw highs of 10520 achieving EquityPandit’s target of 10500 for Nifty. Traders, who followed EquityPandit’s advice might have earned huge profits for the day. Finally, Indian Stock Market closed gap positive for the day.
Today: Indian Stock Market would open negative. Technically, Indian Stock Market is still in positive zone. Now, Indian Stock Market is over stretched and traders should remain cautious at this point of time. Some profit booking would be seen now but traders can continue to hold long positions with strict stoploss below 10392 levels for Nifty on closing basis. Market would see reversal if it closes below 10392 levels for Nifty and 24882 levels for BankNifty.
FIIs were net sellers of Rs.399.59 crores whereas DIIs were net buyers of Rs.306.05 crores in cash market for last trading session. Nifty would see strong support at 10400-10380-10350-10300 whereas strong resistance would be seen 10500-10562-10632 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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NSE Nifty: (10481) The support for the Nifty is 10400-10380-10350-10300 and the resistance to the up move is at 10500-10562-10632 levels.
NSE BankNifty: (25201) The support for BankNifty is at 25070-24960-24820-24700 and the resistance to the up move is at 25280-25345-25500-25722 levels.
BSE Sensex: (34192) The support for the Sensex is at 34070-33920-33800-33660 and the resistance to the up move is at 34240-34351-34500 levels.
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