Market To See Further Profit Booking, Nifty Bullish Only Above 11000
Last Trading Session: Indian Stock Market opened gap negative as predicted by EquityPandit. EquityPandit predicted that Profit booking would be seen before 11000 gets breached for Nifty but traders should go long at dips and exactly same happened. Indian Stock Market fell down very sharply on the account of profit booking but recovered from lows as predicted by EquityPandit. Traders who followed EquityPandit’s suggestion and went long on dips might have earned huge profits for the day. Finally, Indian Stock Market closed marginally negative for the day.
Today: Indian Stock Market would open negative. Technically, analysis would remain same. Indian Stock Market is still in positive zone but 11000 would still remain as strong resistance for Nifty. Market would continue to consolidate in a rangebound region with some profit booking on the cards. Traders can buy at dips near support and sell at resistance. But once Nifty managed to close above 11000 levels, it would act as a strong support for Nifty and then market would continue to see bullish momentum. So, traders should consider these important levels while taking any trading decisions.
FIIs were net sellers of Rs.386.44 crores whereas DIIs were net buyers of Rs.87.96 crores in cash market for last trading session. Nifty would see strong support at 10880-10840-10800 whereas strong resistance would be seen 11000-11025-11078-11095-11145 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: ADANIENT, ADANIPOWER, JETAIRWAYS and RELCAPITAL.
NSE Nifty: (10967) The support for the Nifty is 10880-10840-10800 and the resistance to the up move is at 11000-11025-11078-11095-11145 levels.
NSE BankNifty: (27275) The support for BankNifty is at 27200-27045-26955-26865-26800 and the resistance to the up move is at 27380-27456-27600 levels.
BSE Sensex: (36432) The support for the Sensex is at 36340-36227-36100-36065-35950 and the resistance to the up move is at 36555-36600-36660-36700-36747 levels.
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