Market Still Rangebound, Continue Long Until Nifty Holds Above 10726 By Closing
Last Trading Session: Indian Stock Market opened positive. EquityPandit predicted that market would remain rangebound until geopolitical tension prevails and exactly same happened. Indian Stock Market moved positive but saw highs right at EquityPandit’s predicted resistance levels of 10860 for Nifty. Market fell down sharply from there and saw lows right at EquityPandit’s predicted support levels of 10780 for Nifty and 35830 for Sensex like a dot. Market remained rangebound for the whole trading session exactly as predicted. Finally, Indian Stock Market closed flat with negative bias for the day.
Today: Indian Stock Market would open positive. Technically, Nifty is still in positive zone whereas BankNifty has entered into negative zone. Now market would continue to consolidate until both Nifty and BankNifty comes in the same zone. Nifty would enter into negative zone once it closes below 10726 whereas BankNifty would again enter into positive zone once it closes above 27132 for BankNifty. Traders can hold long until Nifty holds above 10726 on closing basis.
FIIs were net buyers of Rs.3210.60 crores whereas DIIs were net sellers of Rs.5240.62 crores in cash market for last trading session. Nifty would see strong support at 10780-10750-10700-10675 whereas strong resistance would be seen 10860-10880-10930-10956 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: NIL.
NSE Nifty: (10793) The support for the Nifty is 10780-10750-10700-10675 and the resistance to the up move is at 10860-10880-10930-10956 levels.
NSE BankNifty: (26790) The support for BankNifty is at 26720-26600-26575-26440 and the resistance to the up move is at 26940-27075-27103-27205 levels.
BSE Sensex: (35867) The support for the Sensex is at 35830-35780-35670-35585 and the resistance to the up move is at 35950-36067-36120-36278 levels.
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