Market Would Consolidate For Now, Continue Long Until Nifty Holds Above 11649
Last Trading Session: Indian Stock Market opened gap positive as predicted by EquityPandit. EquityPandit predicted that market would continue to see positive momentum and traders should hold long positions for now. EquityPandit also predicted that next logical target for Nifty is at 11760-11800 and exactly same happened. Indian Stock Market moved sharply positive. Nifty saw highs right at EquityPandit’s predicted target of 11760 like a dot. Finally, Indian Stock Market closed gap positive for the day.
Today: Indian Stock Market would open flat with positive bias. Technically, Indian Stock Market is still in positive zone. Now market is near its immediate resistance of 11800 and hence we would see some consolidation in the market. Reversal would be seen if market closes below 11649 for Nifty and 27979 for BankNifty. Traders can initiate fresh short positions only if market closes below these levels but until then hold long positions.
FIIs were net sellers of Rs.161.05 crores whereas DIIs were net sellers of Rs.199.28 crores in cash market for last trading session. Nifty would see strong support at 11700-11648-11600 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.
Click Here to Check the Trend Of Major Indices and Stocks
Stocks In F&O Ban Period: DHFL, IDBI, JISJALEQS and PNB.
NSE Nifty: (11739) The support for the Nifty is 11700-11648-11600 and the resistance to the up move is at 11760-11800-11880 levels.
NSE BankNifty: (28270) 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: (38897) The support for the Sensex is at 38750-38700-38640-38580 and the resistance to the up move is at 38940-39000-39075-39110 levels.
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