Downside Still Open But Market To See Some Short Covering Until Nifty Holds Above 10198
Last Trading Session: Indian Stock Market opened negative as predicted by EquityPandit. EquityPandit predicted downside is still open till 9900 but traders and investors can start accumulating Blue Chips companies and exactly same happened. Indian Stock Market fell down sharply but recovered towards day highs in the last hour and managed to close positive for the day.
Today: Indian Stock Market would open flat with positive bias. Technically, Indian Stock Market is still in negative zone. Downside is still open for the market but now, there are strong chances of positive movement and some recovery to be seen. Closing above 10500-10550 zone is a real challenge. Nifty needs to close above 10550 to continue its positive momentum. A recovery cant’t be ruled out as market is over stretched. Breaching yesterday’s low of 10198 for Nifty would confirm further downfall till 10000-9900 but until then there are strong chances of some recovery. So traders can go long with stoploss below 10190 for Nifty on spot basis. And as suggested earlier, Indian Stock Market would see a sharp recovery in days to come and traders & Investors should accumulate Blue Chip Companies at every downfall.
FIIs were net sellers of Rs.1805.07 crores whereas DIIs were net buyers of Rs.1973.97 crores in cash market for last trading session. Nifty would see strong support at 10260-10140-10065-10000 whereas strong resistance would be seen 10380-10451-10500-10618 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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NSE Nifty: (10348) The support for the Nifty is 10260-10140-10065-10000 and the resistance to the up move is at 10380-10451-10500-10618 levels. levels.
NSE BankNifty: (24618) The support for BankNifty is 24202-24082-23840-23760-23600 and the resistance to the up move is at 24560-24670-24832-24900 levels.
BSE Sensex: (34474) The support for the Sensex is at 34228-34110-34070-33899-33750 and the resistance to the up move is at 34500-34610-34666-34770-34850 levels.
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