Some Profit Booking To Be Seen, Book Partial Profits In Long Positions For Now
Last Trading Session: Indian Stock Market opened positive as predicted. EquityPandit predicted that traders can continue long positions until Nifty holds above 11483 and exactly same happened. Indian Stock Market moved sharply positive but fell down sharply from intraday highs. BankNifty saw strong resistance and support right at EquityPandit’s predicted resistance and support levels of 28330 and 27960 like a dot. Finally, Indian Stock Market closed marginally positive whereas BankNifty closed negative for the day.
Today: Indian Stock Market would open negative. Technically, Indian Stock Market is still in positive zone but market looks stagnant and under pressure at higher levels and hence market would see some profit booking for now. Market would resume its positive momentum only if it closes breaches 11621 levels but until then it would continue to see sideways movement with some profit booking. Traders can book partial profits in long positions and hold remaining quantity until market holds above 11507 for Nifty and 27974 for BankNifty on closing basis. Traders can initiate fresh short positions if market manages to close below 11507 for Nifty and 27974 for BankNifty.
FIIs were net buyers of Rs.433.21 crores whereas DIIs were net buyers of Rs.142 crores in cash market for last trading session. Nifty would see strong support at 11530-11500-11470-11430 whereas strong resistance would be seen 11600-11621-11660 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
Click Here to Check the Trend Of Major Indices and Stocks
NSE Nifty: (11583) The support for the Nifty is 11530-11500-11470-11430 and the resistance to the up move is at 11600-11621-11660 levels.
NSE BankNifty: (28028) The support for BankNifty is at 27960-27840-27760-27690 and the resistance to the up move is at 28075-28275-28360 levels.
BSE Sensex: (38337) The support for the Sensex is at 38200-38045-38000-37865 and the resistance to the up move is at 38380-38450-38500-38540 levels.
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