Continue Long Until Nifty Holds Above 10100, Sharp Bounce Back Expected
Last Trading Session: Indian Stock Market opened positive for the day. EquityPandit predicted that market is in positive zone and traders can go long at downfall until Nifty holds above 10100 and exactly same happened. Market opened positive and saw highs right at EquityPandit’s predicted resistance levels of 10275 for Nifty like a dot. Market moved sharply negative after China Trade War news and retested EquityPandit’s predicted support levels of 10100. Finally, Indian Stock Market closed gap negative for the day.
Today: Indian Stock Market would open gap positive. Technically, Indian Stock Market is still in positive zone. EquityPandit already suggested yesterday to go long at dips in the market as every downfall was an opportunity to go long. Traders can continue to hold long positions until market holds above 10100 for Nifty and 24059 for BankNifty. Closing below 10100 for Nifty and 24059 for BankNifty would only confirm the reversal but until then traders should continue to hold long. Market would see sharp bounce back after yesterday’s downfall. Overall, Indian Stock Market is in positive trend for now.
FIIs were net buyers of Rs.335.18 crores whereas DIIs were net sellers of Rs.152.55 crores in cash market for last trading session. Nifty would see strong support at 10097-10065-10000 whereas strong resistance would be seen 10275-10309-10340 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: NIL.
NSE Nifty: (10128) The support for the Nifty is 10097-10065-10000 and the resistance to the up move is at 10275-10309-10340 levels.
NSE BankNifty: (24130) The support for BankNifty is at 24050-24000-23880-23800 and the resistance to the up move is at 24380-24470-24584-24660 levels.
BSE Sensex: (33019) The support for the Sensex is at 33040-32970-32840 and the resistance to the up move is at 33280-33439-33546-33715 levels.
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