Market To See Positive Movement But Initiate Long Only If Nifty Closes Above 10983
Last Trading Session: Indian Stock Market opened flat for the day. EquityPandit predicted that market would see positive reaction but traders should go short at every positive rally. Indian Stock Market remained flat for the first half of the trading session and then moved sharply positive for remaining half of the session. Market moved sharply positive and saw highs right at EquityPandit’s predicted resistance levels of 36780 like a dot. Finally, Indian Stock Market closed gap positive for the day.
Today: Indian Stock Market would open positive. Technically, Indian Stock Market is still in negative zone and would enter into positive zone only if it closes above 10983 for Nifty and 27604 for BankNifty until then market would be considered bearish and traders should wait for the close above these levels as mentioned above before initiating a fresh long positions. Though market would move positive today as Hong Kong tensions ease but traders should initiate any fresh long positions only once market closes above these levels.
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FIIs were net sellers of Rs.1738.49 crores whereas DIIs were net buyers of Rs.1304.58 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: (10845) 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: (27124) The support for BankNifty is 27026-26988-26865-26800 and the resistance to the up move is at 27380-27456-27500-27600 levels.
BSE Sensex: (36725) The support for the Sensex is at 36600-36518-36422-36320 and the resistance to the up move is at 36780-36880-36946-37025-37110 levels.
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