Nifty Bullish Above 10840, Until Then Market To Consolidate
Last Trading Session: Indian Stock Market opened negative as predicted by EquityPandit. EquityPandit predicted that Indian Stock Market would see consolidation with some profit booking until it breaches 10840 and exactly same happened. Indian Stock Market moved negative but saw strong support right at EquityPandit’s predicted support levels of 10749 like a dot. Market recovered from there but consolidated for the whole day as predicted by EquityPandit and managed to close flat with positive bias for the day.
Today: Indian Stock Market would open positive. Technically, Indian Stock Market is still in positive zone but market would still remain rangebound until it holds between 10749-10840 range for Nifty. The risk of some downside persists until Nifty holds below 10840 levels. Trading above 10840 with volumes would force market to see sharp positive rally but until then market would consolidate. Breaching 10749 for Nifty with volumes would be risky and would force market to see some some downfall. Intraday traders can trade long until Nifty holds above 10749. Overall, market to consolidate in December series and would not breach any major resistance or support due to lower volumes in holiday season.
FIIs were net buyers of Rs.861.94 crores whereas DIIs were net sellers of Rs.302.52 crores in cash market for last trading session. Nifty would see strong support at 10749-10700-10675-10645 whereas strong resistance would be seen 10840-10880-10922-10945 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: (10805) The support for the Nifty is 10749-10700-10675-10645 and the resistance to the up move is at 10840-10880-10922-10945 levels.
NSE BankNifty: (26826) The support for BankNifty is at 26720-26600-26500-26440-26365 and the resistance to the up move is at 26950-27005-27075-27205 levels.
BSE Sensex: (35963) The support for the Sensex is at 35792-35670-35628-35585-35540 and the resistance to the up move is at 36025-36110-36180-36275 levels.
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