Market To See Positive Movement But Reversal Only Above 10983 For Nifty
Last Trading Session: Indian Stock Market opened positive for the day as predicted. EquityPandit predicted that market would see positive movement but traders were suggested to Initiate Long positions only above 10983 for Nifty and same happened. Indian Stock Market moved sharply positive as predicted. Nifty saw highs right at EquityPandit’s predicted resistance levels of 10920 like a dot. Finally, market corrected from EquityPandit’s predicted resistance levels and managed to close flat for the day.
Today: Indian Stock Market would open positive. Technically, analysis would remain same and Indian Stock Market is still in negative zone. Market would enter into positive zone only if it closes above 10983 for Nifty and 27592 for BankNifty but until then market would continue to see sideways movement in a rangebound region. Major Indian Stocks are sustaining near its longterm support and it looks like these supports would be saved. BankNifty is also forming small Ascending Triangle Pattern. Overall, market would see some positive movement today that can be traded intraday but investors and swing traders should wait for market to close above these levels to initiate fresh long positions.
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FIIs were net sellers of Rs.561.17 crores whereas DIIs were net buyers of Rs.699.31 crores in cash market for last trading session. Nifty would see strong support at 10800-10730-10685-10640 whereas strong resistance would be seen 10880-10920-10975-11009 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: (10848) The support for the Nifty is 10800-10730-10685-10640 and the resistance to the up move is at 10880-10920-10975-11009 levels.
NSE BankNifty: (26920) The support for BankNifty is 26880-26830-26720-26600 and the resistance to the up move is at 27035-27103-27205-27300 levels.
BSE Sensex: (36644) The support for the Sensex is 36600-36518-36422-36320 and the resistance to the up move is at 36780-36880-36946-37025 levels.
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