Some Consolidation Expected But Traders Can Go Long At Dips Until Nifty Holds 11580
Last Trading Session: Indian Stock Market opened positive for the day. EquityPandit predicted that market is still bullish but some profit booking can’t be ruled out at this point of time. Nifty saw highs right at yesterday’s predicted resistance levels of 11760 like a dot. Nifty and Sensex have seen record highs for the day. Market saw sharp profit booking from there and coincidentally fell down sharply exactly to our support levels of 11630 for Nifty like a dot. Finally, Indian Stock Market closed negative for the day.
Today: Indian Stock Market would open flat with positive bias. Technically, Indian Stock Market is sill in the positive zone. But Market is near its reversal levels. Market would enter into the negative zone once it closes below 11580 for Nifty and 30011 levels for BankNifty. Traders can initiate fresh short positions once it closes below these levels but until then market would be considered neutral and traders can go long at dips.
FIIs were net sellers of Rs.1040.48 crores whereas DIIs were net sellers of Rs.80.83 crores in cash market for last trading session. Nifty would see strong support at 11600-11570-11498 whereas strong resistance would be seen 11700-11760-11800 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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NSE Nifty: (11644) The support for the Nifty is 11600-11570-11498 and the resistance to the up move is at 11700-11760-11800 levels.
NSE BankNifty: (30093) The support for BankNifty is at 29970-29830-29721-29650 and the resistance to the up move is at 30140-30270-30380-30500 levels.
BSE Sensex: (38877) The support for the Sensex is at 38800-38747-38700-38540-38445 and the resistance to the up move is at 38950-39027-39115-39240 levels.
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