Market To See Positive Rally Until Nifty Holds Above 10628
Last Trading Session: Indian Stock Market opened positive for the day. Market consolidated for the whole day and managed to close positive for the day. Banking sector saw a good recovery for the day.
Today: Indian Stock Market would open gap positive. Technically, Nifty is still in negative zone whereas BankNifty is in positive zone. Market would see sharp positive rally but overall market would continue to consolidate in a range until market breaches above 11000 levels for Nifty and 27500 levels for BankNifty. Traders can go long at dips or hold long positions until Nifty holds above 10628 levels for the targets of 10780-10820 on spot basis. If Nifty managed to close below 10628 then traders should close all long positions and initiate fresh short positions for the targets of 10500-10400 levels.
FIIs were net sellers of Rs.157.72 crores whereas DIIs were net buyers of Rs.240.60 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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NSE Nifty: (10727) The support for the Nifty is 10700-10675-10645-10600 and the resistance to the up move is at 10780-10803-10820-10860-10880 levels.
NSE BankNifty: (27195) The support for BankNifty is at 26988-26865-26800-26685 and the resistance to the up move is at 27240-27380-27456-27600 levels.
BSE Sensex: (35695) The support for the Sensex is at 35585-35540-35500-35380-35270 and the resistance to the up move is at 35775-35818-35880-35970-36070 levels.
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