Market May See Some Profit Booking After Long Rally But Go Long At Dips For Now
Last Trading Session: Indian Stock Market opened gap positive for the day. EquityPandit predicted last week that market may consolidate but traders should continue to hold long positions and buy at every dip in the market and exactly same happened. Equitypandit suggested traders to initiate long and go long at every dip in its February 22, 2019 post and Indian Stock Market have moved sharply positive since then giving 750 points for Nifty, 2700 points in BankNifty and 2500 points in Sensex. Traders, who followed EquityPandit’s advice might have earned huge profits for the day.
Today: Indian Stock Market would open flat with negative bias. Technically, Indian Stock Market is still in positive zone. Market would continue to see positive movement in upcoming days. EquityPandit predicted that market has formed Ascending Triangle chart pattern whose target lies at 11800-12000 levels for Nifty. But since market is overstretched and hence market would consolidate in this range and may see some profit booking before resuming the positive rally towards our targets. Profit booking could be extended till levels of 11300-11200 for Nifty but overall, market is positive and traders can go long at every dip and hold long positions in the market.
FIIs were net buyers of Rs.2132.36 crores whereas DIIs were net sellers of Rs.1253.67 crores in cash market for last trading session. Nifty would see strong support at 11498-11450-11408-11340 whereas strong resistance would be seen 11580-11620-11700-11800 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, JUSTDIAL, RELCAPITAL and RPOWER.
NSE Nifty: (11532) The support for the Nifty is 11498-11450-11408-11340 and the resistance to the up move is at 11580-11620-11700-11800 levels.
NSE BankNifty: (29768) The support for BankNifty is at 29650-29545-29400 and the resistance to the up move is at 29812-29950-30027-30075 levels.
BSE Sensex: (38363) The support for the Sensex is at 38240-38085-38956 and the resistance to the up move is at 38402-38487-38520-38660 levels.
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