Market In Positive Momentum, Initiate Long If Nifty Closes Above 10702
Last Trading Session: Indian Stock Market opened flat for the day. EquityPandit predicted that Nifty has seen Hammer Candlestick Pattern and BankNifty has seen Doji Candlestick Pattern and both suggest that reversal would be seen. EquityPandit also predicted that Nifty would see recovery once it breaches 10635 and exactly same happened. Indian Stock Market breached EquityPandit’s suggested levels of 10635 for Nifty and saw sharp recovery 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. Sensex closed right below EquityPandit’s predicted resistance levels of 35185.
Today: Indian Stock Market would open gap positive. Technically, Indian Stock Market is still in negative zone. Market would enter into positive zone once it closes above 10702 for Nifty and 26681 for BankNifty. Nifty would see immediate resistance at 10702 levels, breaching which Nifty may see levels of 10744-10775 levels in days to come. Traders can wait for market to close above these levels to initiate fresh long positions. Shorting should not be done at this point of time.
FIIs were net sellers of Rs.157.51 crores whereas DIIs were net buyersof Rs.474.33 crores in cash market for last trading session. Nifty would see strong support at 10675-10645-10600-10550 whereas strong resistance would be seen 10705-10745-10780-10805 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, DHFL.
NSE Nifty: (10685) The support for the Nifty is 10675-10645-10600-10550 and the resistance to the up move is at 10705-10745-10780-10805 levels.
NSE BankNifty: (26368) The support for BankNifty is at 26320-26180-26100-26078 and the resistance to the up move is at 26450-26518-26660-26715 levels.
BSE Sensex: (35179) The support for the Sensex is at 35070-35000-34970-34850 and the resistance to the up move is at 35303-35440-35507-35660 levels.
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