Market Would Consolidate But Hold Long Positions Until Nifty Holds Above 10392
Last Trading Session: Indian Stock Market opened negative exactly as predicted by EquityPandit. EquityPandit predicted that sharp profit booking would be seen but traders should continue long positions until Nifty holds 10392 on closing basis and exactly same happened. Indian stock Market opened gap negative and saw lows right near EquityPandit’s predicted support levels of 10392 like a dot and rebounded from there. 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 flat. Technically, Indian Stock Market is still in positive zone. Market is still in positive momentum and traders should continue to hold long positions for now. Next logical target for Nifty is set to 10562. Some consolidation would be seen as market is over stretched but traders should continue to hold long positions until Nifty holds above 10392 on closing basis.
FIIs were net sellers of Rs.308.13 crores whereas DIIs were net sellers of Rs.28.97 crores in cash market for last trading session. Nifty would see strong support at 10400-10380-10350-10300 whereas strong resistance would be seen 10562-10632-10700 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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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: (25321) The support for BankNifty is at 25228-25070-24960-24820-24700 and the resistance to the up move is at 25345-25500-25722 levels.
BSE Sensex: (34305) The support for the Sensex is at 34170-34110-34070-33920 and the resistance to the up move is at 34351-34500-34610-34666 levels.
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