Market To See Sideways Movement Before Resuming Positive Rally, Go Long At Dips
Last Trading Session: Indian Stock Market opened positive for the day. EquityPandit predicted that market would consolidate further. EquityPandit also predicted that market is not bearish but would see temporary profit booking but market negated global economic slowdown and moved up sharply. Nifty saw highs right at EquityPandit’s predicted resistance levels of 11500 like a dot. Finally, Indian Stock Market closed gap positive for the day.
Today: Indian Stock Market would open flat. Technically, Indian Stock Market has again entered into positive day. Market shown a false negative cut on Monday and recovered sharply on Tuesday. Now market would consolidate in this range and then would resume its positive rally. Indian Stock Market has resumed its positive trend for now and now traders can go long at every dip in the market. Market would be considered strong as long as 11400 holds for Nifty.
FIIs were net buyers of Rs.999.02 crores whereas DIIs were net sellers of Rs.196.70 crores in cash market for last trading session. Nifty would see strong support at 11408-11370-11340-11315 whereas strong resistance would be seen 11518-11560-11585-11620 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: (11483) The support for the Nifty is 11408-11370-11340-11315 and the resistance to the up move is at 11518-11560-11585-11620 levels.
NSE BankNifty: (29882) The support for BankNifty is at 29721-29650-29545-29400 and the resistance to the up move is at 30027-30075-30140-30270 levels.
BSE Sensex: (38233) The support for the Sensex is at 38085-38956-37820-37755 and the resistance to the up move is at 38370-38402-38487-38565 levels.
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