Initiate Short Positions Only if Nifty Closes Below 10950 Until Then Go Long At dips
Last Trading Session: Indian Stock Market opened negative as predicted by EquityPandit. EquityPandit predicted that market would see some profit booking. EquityPandit also predicted that 11000 is important psychological support for Nifty and market traders can go long at dips in the market until 11000 holds and exactly same happened. Indian Stock Market saw sharp profit booking and saw lows right at EquityPandit’s predicted support levels of 11000 for Nifty and 36590 for Sensex like a dot. Market recovered sharply from there and saw highs right at EquityPandit’s predicted resistance levels of 27815 like a dot. Traders, who followed EquityPandit’s advice to go long at dips might have earned huge profits for the day. Finally, Indian Stock Market closed flat with negative bias for the day.
Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still in positive zone. Market would see further profit booking and may see some sideways movement. Traders can hold long positions until market holds above 10950 for Nifty and 27406 for BankNifty. If Nifty manages to hold above 11000 in next few trading session then next target would be 11100-11143-11185 in upcoming days but if Nifty closes below 10950 then would see levels of 10750 again. Traders can still go long at dips until market holds above 10950 for Nifty and 27046 for BankNifty and if market closes below these levels then traders can close long positions and initiate fresh short positions.
FIIs were net buyers of Rs.1095.06 crores whereas DIIs were net sellers of Rs.470.70 crores in cash market for last trading session. Nifty would see strong support at 11000-10965-10920-10900 whereas strong resistance would be seen 11078-11118-11157-11185 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: IDBI, JETAIRWAYS and RPOWER.
NSE Nifty: (11035) The support for the Nifty is 11000-10965-10920-10900 and the resistance to the up move is at 11078-11118-11157-11185 levels.
NSE BankNifty: (27762) The support for BankNifty is at 27660-27560-27500-27380 and the resistance to the up move is at 27815-27880-28000 levels.
BSE Sensex: (36671) The support for the Sensex is at 36590-36525-36465-36320 and the resistance to the up move is at 36780-36880-36950-37005 levels.
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