Market Still Bullish, Nifty Forms Cup And Handle Pattern And Ready For Breakout
Last Trading Session: Indian Stock Market opened flat exactly as predicted by EquityPandit. EquityPandit predicted that market would see some profit booking but traders should continue to hold long positions and exactly same happened. Indian Stock Market saw profit booking as expected but recovered sharply and achieved EquityPandit’s predicted targets of 11680 for Nifty generating huge profits for traders who followed the advice. Finally, Indian Stock Market closed gap positive for the day. BankNifty closed right below EquityPandit’s predicted resistance levels of 29130.
Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still in positive zone. Nifty has formed a classic Cup and Handle chart pattern that suggest that market is near a breakout and may see further positive rally in days to come. Though market may see some profit booking but overall market would head towards 11800 levels for Nifty, if it sustain above 11500 for Nifty and traders should hold long positions as of now.
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FIIs were net buyers of Rs.36.56 crores whereas DIIs were net buyers of Rs.586.88 crores in cash market for last trading session. Nifty would see strong support at 11630-11600-11570-11530 whereas strong resistance would be seen at 11700-11730-11770-11800 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
Important Results To Be Disclosed Today: Asian Paints, Axis Bank, Bajaj Finance, Bajaj Finserv, Bank of Maharashtra, CEAT, Coromandel International, Glaxosmithkline Pharma, Granules India, ICICI Prudential Life Insurance, ICICI Securities, Indiabulls Ventures, Jubilant Foodworks, Jyothy Labs, Kotak Mahindra Bank, M&M Fiancial Services, Orient Electric, OBC, Rallis India, RBL Bank, Syngene International, T.V. Today Network, Welspun Corp, Welspun India Ltd.
NSE Nifty: (11662) The support for the Nifty is 11630-11600-11570-11530 and the resistance to the up move is at 11700-11730-11770-11800 levels.
NSE BankNifty: (29120) The support for BankNifty is 29027-28950-28815 and the resistance to the up move is 29250-29360-29400-29520 levels.
BSE Sensex: (39298) The support for the Sensex is 39110-39035-38965-38870-38800 and the resistance to the up move is at 39380-39445-39500-39660 levels.
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