Further Rally Only If Nifty Breaches 11147, Until Then Profit Booking Expected
Last Trading Session: Indian Stock Market opened flat exactly as predicted. EquityPandit predicted that Nifty and BankNifty forms Doji Candlestick Pattern and further positive movement would be seen only above 11147 and exactly same happened. Indian Stock Market moved positive but as expected was not able to breach levels of 11147 and fell down. EquityPandit also predicted that selling would be seen once Nifty breaches levels of 11049 and exactly same happened. Market saw sharp downfall after 11049 level for Nifty was breached. Finally, Indian Stock Market negative for the day.
Today: Indian Stock Market would open negative. Indian Stock Market is still in positive zone. Though market is bullish but still it would see some profit booking with bit of consolidation for now. Overall market would be considered bullish until it holds above 10933 for Nifty and 27575 for BankNifty but temporary profit booking expected for now. Traders would have to watch that market doesn’t close below 10933 for Nifty else it would enter into negative zone and we may see sharp fall in the market. Market would resume its positive rally only if it breaches 11147 levels for Nifty but until then we would see sideways movement in a rangebound region.
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FIIs were net sellers of Rs.935.27 crores whereas DIIs were net buyers of Rs.359.32 crores in cash market for last trading session. Nifty would see strong support at 11000-10965-10920-10900 whereas strong resistance would be seen 11078-11118-11157-11185 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: (11046) The support for the Nifty is 11000-10965-10920-10900 and the resistance to the up move is at 11078-11118-11157-11185 levels.
NSE BankNifty: (27804) The support for BankNifty is 27660-27560-27500-27380 and the resistance to the up move is at 27815-27880-28037-28251 levels.
BSE Sensex: (37452) The support for the Sensex is at 37365-37290-37230-37110 and the resistance to the up move is at 37605-37660-37740-37880 levels.
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