Initiate Short Only Below 10303 For Nifty, Until Then Hold Long Positions
Last Trading Session: Indian Stock Market opened flat for the day as predicted by EquityPandit. EquityPandit predicted that some profit booking would be seen but traders can hold long positions in the market for now and exactly same happened. Indian Stock Market moved positive and saw strong resistance right at EquityPandit’s predicted resistance levels of 10433. Finally, Indian Stock Market closed positive for the day though some pressure was seen in banking sector. Indian Stock Market closed right at EquityPandit’s predicted resistance levels of 10418 for Nifty and 33940 for Sensex like a dot.
Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still in positive zone. Other Asian markets are trading sideways after US taunted Russia on Syria. Indian Stock Market has formed Hanging Man Candlestick Pattern that suggest the loosing of positive momentum. Nifty has already achieved EquityPandit’s target of 10420. Now, some profit booking would definitely be seen from here and fresh positive momentum would be induced only once Nifty breaches 10433 levels on closing basis. Traders can continue to hold long positions until Nifty holds above 10303 levels and BankNifty holds above 24848 on closing basis. Traders should initiate fresh short positions only if Nifty closes below 10303 levels but until then hold long.
FIIs were net buyers of Rs.362.30 crores whereas DIIs were net buyers of Rs.111.82 crores in cash market for last trading session. Nifty would see strong support at 10380-10350-10300-10275 whereas strong resistance would be seen 10433-10478-10500-10562 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: BALRAMCHIN, JETAIRWAYS and JPASSOCIAT.
NSE Nifty: (10417) The support for the Nifty is 10380-10350-10300-10275 and the resistance to the up move is at 10433-10478-10500-10562 levels.
NSE BankNifty: (25098) The support for BankNifty is at 24820-24700-24618 and the resistance to the up move is at 25280-25345-25500-25722 levels.
BSE Sensex: (33940) The support for the Sensex is at 33800-33660-33580 and the resistance to the up move is at 34077-34170-34351 levels.
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