Nifty To See A Bounce If 10580 Holds, Go Long With Stoploss Of 10580
Last Trading Session: Indian Stock Market opened positive for the day as predicted by EquityPandit. Equitypandit predicted that Indian Stock Market is still in negative zone. EquityPandit also predicted that Market would see some bounce but traders should go short at every positive rally and exactly same happened. Indian Stock Market moved sharply positive but saw highs right near EquityPandit’s predicted resistance levels of 35775 for Sensex like a dot. Market saw sharp profit booking exactly as predicted and saw lows right at EquityPandit’s predicted support levels of 10580 for Nifty like a dot. Finally, Indian Stock Market closed negative for the day.
Today: Indian Stock Market would open gap positive. Technically, analysis would still remain same and Indian Stock Market is still in negative zone. Market would enter into positive zone only if it closes above 10768 levels for Nifty and 26971 for BankNifty. Market is over-stretched after eight consecutive day of downfall and may see some bounce but traders can take long positions home only if market closes above 10768 levels for Nifty. Nifty to see strong support near 10580, from where market can bounce back and hence traders can trade long positions for intraday with strict stoploss below 10580 for Nifty. Breaching the levels of 10580 would force Nifty to see sharp downfall due to channel breakdown.
FIIs were net sellers of Rs.813.76 crores whereas DIIs were net buyers of Rs.1163.85 crores in cash market for last trading session. Nifty would see strong support at 10600-10580-10562-10512 whereas strong resistance would be seen 10705-10740-10780-10820 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, IDBI, JETAIRWAYS, PCJEWELLER, RELINFRA and RPOWER.
Important Results To Be Disclosed Today: Mahindra CIE Automotive and Varun Beverages Ltd.
NSE Nifty: (10604) The support for the Nifty is 10600-10580-10562-10512 and the resistance to the up move is at 10705-10740-10780-10820 levels.
NSE BankNifty: (26685) The support for BankNifty is at 26570-26500-26440-26365-26225 and the resistance to the up move is at 26744-26840-26950-27005-27075 levels.
BSE Sensex: (35353) The support for the Sensex is at 35270-35110-35027 and the resistance to the up move is at 35488-35662-35775-35818-35880 levels.
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