Market To Consolidate, Go Long At Dips Until Nifty Holds above 11249 On Closing Basis
Last Trading Session: Indian Stock Market opened positive for the day. Market moved sharply positive and saw record highs for BankNifty. Nifty saw highs right at EquityPandit’s predicted resistance levels of 11390 like a dot. Market fell down sharply on the account of profit booking as predicted by EquityPandit but finally, Indian Stock Market recovered and managed to close marginally positive for the day.
Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still in positive zone. Market would continue to consolidate in a rangebound region. Market would enter into negative zone only if it closes below 11249 for Nifty and 28596 for BankNifty but until then market would be considered bullish and every downfall would end up in further buying. Traders can continue to buy at dips until 11249 holds for Nifty on closing basis.
FIIs were net buyers of Rs.1482.99 crores whereas DIIs were net sellers of Rs.817.77 crores in cash market for last trading session. Nifty would see strong support at 11300-11274-11235-11165 whereas strong resistance would be seen 11390-11430-11500 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, BEML, IDBI, JETAIRWAYS, RELINFRA and RPOWER.
NSE Nifty: (11343) The support for the Nifty is 11300-11274-11235-11165 and the resistance to the up move is at 11390-11430-11500 levels.
NSE BankNifty: (28923) The support for BankNifty is at 28820-28740-28600 and the resistance to the up move is at 29025-29075-29130-29180 levels.
BSE Sensex: (37755) The support for the Sensex is at 37550-37430-37340-37290 and the resistance to the up move is at 37880-37940-38027-38075 levels.
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