Market May See Some Profit Booking Anytime Now, Trade With Caution
Last Trading Session: Indian Stock Market opened positive exactly as predicted by EquityPandit. EquityPandit predicted that market would see further positive rally and next target for Nifty is set to 11265 until it holds 11085 and exactly same happened. Indian Stock Market moved sharply positive and saw highs right below EquityPandit’s predicted resistance levels of 11325 for Nifty like a dot. Traders, who followed EquityPandit’s advice might have earned huge profits for the day. Finally, Indian Stock Market closed gap positive for the day as predicted.
Today: Indian Stock Market would open negative. Technically, Indian Stock Market is still in positive zone. Now, Indian Stock Market is bit stretched and we may see profit booking anytime. Once market witnesses some profit booking, it would be again ready for a bullish movement but until then every positive rally would have the risk of a steep reaction. Market would enter into negative zone only if it closes below 11161 for Nifty and 27988 for BankNifty. Traders can initiate short positions only if market closes below these levels but until then traders can go long once some profit booking is done.
FIIs were net buyers of Rs.2477.72 crores whereas DIIs were net sellers of Rs.990.48 crores in cash market for last trading session. Nifty would see strong support at 11274-11235-11165-11125 whereas strong resistance would be seen 11365-11390-11430-11500 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: IDBI, JETAIRWAYS, RELINFRA and RPOWER.
NSE Nifty: (11301) The support for the Nifty is 11274-11235-11165-11125 and the resistance to the up move is at 11365-11390-11430-11500 levels.
NSE BankNifty: (28444) The support for BankNifty is at 28325-28250-28170-28085 and the resistance to the up move is at 28600-28660-28740-28880 levels.
BSE Sensex: (37536) The support for the Sensex is at 37365-37290-37230-37110 and the resistance to the up move is at 37660-37740-37880-38027 levels.
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