Market Still Positive, Continue Long Until Nifty Holds Above 11649 On Closing Basis
Last Trading Session: Indian Stock Market opened flat with positive bias as predicted by EquityPandit. EquityPandit predicted that market would consolidate for now and exactly same happened. Equitypandit also predicted that traders should continue long positions until Nifty holds above 11649. Indian Stock Market consolidated for whole day between Equitypandit’s predicted support and resistance levels. Finally, Indian Stock Market closed negative for the day.
Today: Indian Stock Market would open positive. Technically, analysis would remain same and Indian Stock Market is still in positive zone. Market would continue to see positive momentum for now. Reversal would be seen only if market closes below 11649 for Nifty and 27979 for BankNifty and until then traders should hold long positions in the market. Traders should close long positions and initiate fresh short positions ONLY if market closes belwo 11649 levels for Nifty and 27979 for BankNifty.
FIIs were net sellers of Rs.1415.87 crores whereas DIIs were net buyers of Rs.1114.36 crores in cash market for last trading session. Nifty would see strong support at 11678-11648-11600 whereas strong resistance would be seen 11760-11800-11880 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: DHFL, IDBI and PNB.
NSE Nifty: (11692) The support for the Nifty is 11678-11648-11600 and the resistance to the up move is at 11760-11800-11880 levels.
NSE BankNifty: (28224) The support for BankNifty is at 28160-28070-28000-27940 and the resistance to the up move is at 28378-28500-28540-28660 levels.
BSE Sensex: (38723) The support for the Sensex is at 38700-38640-38580 and the resistance to the up move is at 38940-39000-39075-39110 levels.
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