Market Still In Positive Momentum, Continue Long Until Nifty Holds Above 10628
Last Trading Session: Indian Stock Market opened flat exactly as predicted by EquityPandit. EquityPandit predicted that market would consolidate in rangebound region. EquityPandit also suggested traders to hold long until BankNifty holds above 27026 and exactly same happened. Indian Stock Market moved sharply positive and saw highs right at EquityPandit’s predicted resistance levels of 10820 like a dot. Finally, Indian Stock Market closed positive for the day. Nifty closed right at EquityPandit’s predicted resistance levels of 10803 like a dot.
Today: Indian Stock Market would open gap positive. Technically, analysis would remain same and Nifty is still in negative zone whereas BankNifty is in positive zone. Nifty would enter into positive zone once it manages to close above 10817. Overall, market is positive and traders should continue to hold long positions until Nifty holds above 10628 levels. Next logical target for Nifty is 10870 and BankNifty is 27720. Nifty is forming SYMMETRICAL TRIANGLE chart pattern and is ready for a big movement on either side.
FIIs were net sellers of Rs.553.78 crores whereas DIIs were net buyers of Rs.698.17 crores in cash market for last trading session. Nifty would see strong support at 10722-10700-10675-10628 whereas strong resistance would be seen 10835-10880-10900-10924 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: ADANIPOWER and JETAIRWAYS.
Important Results To Be Disclosed Today: Bajaj Corp, Delta Corp and IndusInd Bank.
NSE Nifty: (10802) The support for the Nifty is 10722-10700-10675-10628 and the resistance to the up move is at 10835-10880-10900-10924 levels.
NSE BankNifty: (27510) The support for BankNifty is at 27450-27380-27172-27026 and the resistance to the up move is at 27661-27740-27780-27880 levels.
BSE Sensex: (35981) The support for the Sensex is at 35774-35670-35585-35540-35500 and the resistance to the up move is at 36067-36290-363808-36465 levels.
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