Nifty To Consolidate Until It Closes Above 11000 But Hold Long Positions
Last Trading Session: Indian Stock Market opened positive as predicted by EquityPandit. EquityPandit predicted that market is still in positive zone and traders can continue to hold long positions until Nifty holds above 10800 and exactly same happened. Indian Stock Market moved sharply positive for the day but still was not able to breach EquityPandit’s predicted resistance levels of 11000 for Nifty. Traders, who followed EquityPandit’s advice to hold long positions might have earned huge profits for the day. Finally, Indian Stock Market closed positive for the day.
Today: Indian Stock Market would open flat. Technically, analysis would remain same and Nifty is still in positive zone whereas BankNifty is still in negative zone. BankNifty would enter into positive zone only if it closes above 27585 levels on spot basis. Traders can continue to hold long positions for now until Nifty holds above 10839 levels. Market would see sharp positive breakout once Nifty breaches 11000 and BankNifty closes above 27585 levels. Market would consolidate before breaching 11000 levels for Nifty and may see some profit booking but once it breaches those levels, market would see sharp breakout from there.
FIIs were net sellers of Rs.299.79 crores whereas DIIs were net buyers of Rs.520.80 crores in cash market for last trading session. Nifty would see strong support at 10900-10840-10800-10749 whereas strong resistance would be seen 11000-11025-11078-11110 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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Important Results To Be Disclosed Today: Alembic Pharma, Asian Paints, Havells India, HDFC Standard Life Insurance, ICICI Prudential Life Insurance Company, Oberoi Realty, Reliance Nippon Life Asset Management, Shree Cement, Syngene International and TVS Motor Company.
NSE Nifty: (10962) The support for the Nifty is 10900-10840-10800-10749 and the resistance to the up move is at 11000-11025-11078-11110 levels.
NSE BankNifty: (27534) The support for BankNifty is at 27500-27380-27172-27026 and the resistance to the up move is at 27600-27661-27740-27780-27880 levels.
BSE Sensex: (36579) The support for the Sensex is at 36422-36320-36235-36100 and the resistance to the up move is at 36600-36780-36880-36946 levels.
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