Nifty To See Resistance In 10940-11000 Zone, Market To See Profit Booking From Here
Last Trading Session: Indian Stock Market opened positive for the day. Market moved sharply positive in last couple of days and saw strong psychological resistance near 11000 levels for Nifty. Finally, Market managed to close flat for last trading session.
Today: Indian Stock Market would open flat with negative bias. Technically, Indian Stock Market is still in positive zone but market looks over stretched and we could see some profit booking cum consolidation near EquityPandit’s predicted resistance levels. Market likely to see strong resistance in 10940-11000 zone for Nifty. Now market would wait for State Election outcome that is due on December 12, 2018 before resuming its positive rally. Market should see some profit booking at this juncture but overall, market would enter into negative zone only if it closes below 10780 for Nifty and 26610 for BankNifty and until then market would see sideways movement in a rangebound region.
FIIs were net buyers of Rs.293.12 crores whereas DIIs were net sellers of Rs.806.45 crores in cash market for last trading session. Nifty would see strong support at 10854-10800-10775-10722 whereas strong resistance would be seen 10940-10975-11000-11035 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: (10884) The support for the Nifty is 10854-10800-10775-10722 and the resistance to the up move is at 10940-10975-11000-11035 levels.
NSE BankNifty: (26858) The support for BankNifty is at 26721-26685-26600-26500 and the resistance to the up move is at 26950-27005-27075-27165 levels.
BSE Sensex: (36241) The support for the Sensex is at 36100-36065-35980-35800 and the resistance to the up move is at 36465-36540-36600-36660 levels.
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