Continue Long Positions Until Nifty Holds Above 11483 On Closing Basis
Last Trading Session: Indian Stock Market opened flat with positive bias for the day. EquityPandit predicted that Indian Stock Market is still in positive momentum and traders should continue long until Nifty holds above 11500 levels and exactly same happened. Indian Stock Market consolidated in a rangebound region. Market witnessed some profit booking but saw strong support near EquityPandit’s predicted support levels of 11530 for Nifty, 28145 for BankNifty and 38200 for Sensex. Finally, Indian Stock Market closed flat with positive bias for the day.
Today: Indian Stock Market would open positive. Technically, analysis would remain same and Indian Stock Market is still in positive zone. 11500 would still act as immediate support for Nifty. Market would see reversal only if it closes below 11483 for Nifty and 27974 for BankNifty but until then traders can hold long positions in the market. Traders should not initiate any short positions until market closes below these levels.
FIIs were net buyers of Rs.254.25 crores whereas DIIs were net buyers of Rs.197.87 crores in cash market for last trading session. Nifty would see strong support at 11530-11500-11470-11430 whereas strong resistance would be seen 11600-11660 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: JISJALEQS and RAYMOND.
NSE Nifty: (11571) The support for the Nifty is 11530-11500-11470-11430 and the resistance to the up move is at 11600-11660 levels.
NSE BankNifty: (28258) The support for BankNifty is at 28145-28075-28000-27960 and the resistance to the up move is at 28330-28375-28440-28500 levels.
BSE Sensex: (38286) 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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