Market To Consolidate Before Resuming Positive Rally, Go Long At Dips
Last Trading Session: Indian Stock Market opened flat as predicted by EquityPandit. EquityPandit predicted that market would see some profit booking and consolidation before resuming the positive rally. EquityPandit also predicted that overall market is positive and traders can continue to go long at dips and exactly same happened. Indian Stock Market opened flat and consolidated in a range as predicted. Nifty saw lows right near EquityPandit’s predicted support levels of 11498. Market recovered sharply and saw highs right at EquityPandit’s predicted resistance levels of 38487 like a dot. Finally, Indian Stock Market closed flat for the day.
Today: Indian Stock Market would open positive. Technically, analysis would still remain same. Indian Stock Market is still in positive zone. Market would continue to see positive movement in upcoming days. As EquityPandit predicted that market has formed Ascending Triangle chart pattern whose target lies at 11800-12000 levels for Nifty and the targets still remain intact. Before achieving the targets, market would consolidate and would see some profit booking that can be extended 11300-11200 levels for Nifty but the profit booking would be temporary in nature and market would bounce back from the support to achieve EquityPandit’s targets of 11800-12000 for Nifty in upcoming days. Traders are advised to go long at dips and hold long positions.
FIIs were net buyers of Rs.1771.61 crores whereas DIIs were net sellers of Rs.1323.17 crores in cash market for last trading session. Nifty would see strong support at 11498-11450-11408-11340 whereas strong resistance would be seen 11560-11585-11620-11700 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, ADANIPOWER, IDBI, JETAIRWAYS and RPOWER.
NSE Nifty: (11521) The support for the Nifty is 11498-11450-11408-11340 and the resistance to the up move is at 11560-11585-11620-11700 levels.
NSE BankNifty: (29832) The support for BankNifty is at 29721-29650-29545-29400 and the resistance to the up move is at 29950-30027-30075 levels.
BSE Sensex: (38387) The support for the Sensex is at 38315-38240-38085-38956 and the resistance to the up move is at 38402-38487-38520-38660 levels.
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