Some Profit Booking Would Be Seen But Market Bullish Until Nifty Holds Above 12000
Last Trading Session: Indian Stock Market opened flat for the day. Market moved sharply positive with bullishness in the street praising the cabinet selection. Market made record highs and finally, Indian Stock Market closed gap positive and above psychological resistance of 12000 for Nifty and 40000 for Sensex.
Today: Indian Stock Market would open negative. Technically, Indian Stock Market is in positive zone. Market would see some consolidation with minor profit booking but every dip in the market is an opportunity to go long in the market. Next target for Nifty is set to 12180 until market holds 12000 for Nifty and 40000 for Sensex. BankNifty is forming an Ascending Triangle and may see sharp breakout if it manages to close above 31720 levels.
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FIIs were net buyers of Rs.3068.88 crores whereas DIIs were net sellers of Rs.462.69 crores in cash market for last trading session. Nifty would see strong support at 12000-11940-11880-11835 whereas strong resistance would be seen 12150-12188-12240 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
Stocks In F&O Ban Period: NIL.
NSE Nifty: (12089) The support for the Nifty is 12000-11940-11880-11835 and the resistance to the up move is at 12150-12188-12240 levels.
NSE BankNifty: (31654) The support for BankNifty is at 31500-31380-31340-31270 and the resistance to the up move is at 31750-31800-31940-32035 levels.
BSE Sensex: (40268) The support for the Sensex is at 40110-40035-40000-39940 and the resistance to the up move is at 40380-40500-40600-40665 levels.
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