Market To See Some Profit Booking But Go Long At Dips Until Nifty Holds 11369
Last Trading Session: Indian Stock Market opened positive exactly as predicted by EquityPandit. EquityPandit predicted that Indian Stock Market would see recovery from here. EquityPandit also predicted that traders should initiate fresh short positions only if market closes below 11369 for Nifty and 29438 for BankNifty and exactly same happened. Indian Stock Market moved positive and saw sharp rally for the day. Traders, who followed EquityPandit’s advice might have earned huge profits for the day. Finally, Indian Stock Market closed gap positive for the day.
Today: Indian Stock Market would open negative. Technically, Indian Stock Market is still in positive zone. Now since we are entering into new contract and hence we would see some rangebound movement. Market may see some profit booking but traders should go long at dips until it holds the levels of 11369 for Nifty and 29438 for BankNifty. Traders should initiate fresh short positions only if market closes below these levels but until then every downfall would be an opportunity to go long in the market. Overall, market would consolidate in a rangebound region for time being.
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FIIs were net buyers of Rs.737.17 crores whereas DIIs were net buyers of Rs.339.28 crores in cash market for last trading session. Nifty would see strong support at 11515-11498-11450-11412 whereas strong resistance would be seen at 11630-11682-11700-11730 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: (11571) The support for the Nifty is 11515-11498-11450-11412 and the resistance to the up move is at 11630-11682-11700-11730 levels.
NSE BankNifty: (30003) The support for BankNifty is 29860-29800-29721-29650 and the resistance to the up move is 30088-30150-30270-30380 levels.
BSE Sensex: (38990) The support for the Sensex is 38800-38747-38700-38540-38445 and the resistance to the up move is at 39115-39240-39380-39470 levels.
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