Market Still In Positive Trend, Continue Long Until Nifty Holds Above 10618
Last Trading Session: Indian Stock Market opened flat exactly as predicted by EquityPandit. EquityPandit predicted Indian Stock Market would see some profit booking after a sharp positive rally that was seen a day before and exactly same happened. Market moved positive and saw highs right at EquityPandit’s predicted resistance levels of 35440 like a dot. Market saw sharp profit booking from there as predicted by EquityPandit and saw strong support near EquityPandit’s predicted support levels of 10675. Finally, Indian Stock Market closed negative for the day. BankNifty managed to close right above EquityPandit’s predicted support levels of 26685.
Today: Indian Stock Market would open gap positive. Technically, Indian Stock Market is still in positive zone. Market would enter into negative zone only if it closes below 10618 for Nifty and 26418 for BankNifty but until then market would be considered bullish on short term time frame and traders can go long at dips. Market would start showing bearish Intraday signals once it breaches 10670 levels for Nifty but still 10618 is a reversal level and traders can hold long positions until Nifty closes below these levels. Market would see sharp positive movement once it breaches levels of 10765 for Nifty on intraday basis. Overall, market is in positive trend and traders should continue to hold long positions for now.
FIIs were net sellers of Rs.202.80 crores whereas DIIs were net buyers of Rs.337.97 crores in cash market for last trading session. Nifty would see strong support at 10675-10645-10600 whereas strong resistance would be seen 10780-10805-10840-10880 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: (10696) The support for the Nifty is 10675-10645-10600 and the resistance to the up move is at 10780-10805-10840-10880 levels.
NSE BankNifty: (26693) The support for BankNifty is at 26650-26600-26500-26365 and the resistance to the up move is at 26818-26865-27000-27075 levels.
BSE Sensex: (35227) The support for the Sensex is at 35130-35070-35000-34970-34850 and the resistance to the up move is at 35440-35507-35660-35827 levels.
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