F&O Expiry Would Induce Volatility, Profit Booking Expected In Upcoming Days
Last Trading Session: Indian Stock Market opened positive for the day. EquityPandit predicted that market is consolidating at record highs but traders should continue long until Nifty holds above 11969 and exactly same happened. Indian Stock Market moved sharply positive for the day. Finally, Indian Stock Market closed positive and right below EquityPandit predicted resistance levels of 12105 for Nifty and 41035 for Sensex.
Today: Indian Stock Market would open flat with negative bias. Technically, Indian Stock Market is still in positive zone. Market would considered positive until it holds above 11986 levels for Nifty and 31493 levels for BankNifty. Though market is bullish and next broader target for Nifty is set to 12300 but the strength of the market looks weakening for now. We may see some profit booking in upcoming days and hence traders should start booking some partial profits at this point and hold remaining with the reversal levels as stoploss and 12300 as target for Nifty in upcoming days. Today is F&O Expiry and we may see sharp volatility in the market.
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FIIs were net buyers of Rs.42.93 crores whereas DIIs were net buyers of Rs.439.51 crores in cash market for last trading session. Nifty would see strong support at 12035-12000-11940-11905 whereas strong resistance would be seen at 12105-12150-12188-12240 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
NSE Nifty: (12101) The support for the Nifty is 12035-12000-11940-11905 and the resistance to the up move is at 12105-12150-12188-12240 levels.
NSE BankNifty: (31876) The support for BankNifty is 31730-31600-31500-31380 and the resistance to the up move is 31940-32035-32110-32240 levels.
BSE Sensex: (41021) The support for the Sensex is 40880-40780-40715-40660 and the resistance to the up move is at 41110-41180-41270-41380 levels.
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