Some Consolidation In Market At Record Highs, Continue Long Until Nifty Holds Above 11969
Last Trading Session: Indian Stock Market opened flat with positive bias exactly as predicted by Equitypandit. EquityPandit predicted that market is still bullish and heading towards new record highs and exactly same happened. Nifty, Sensex and BankNifty made record highs today as predicted. Market moved sharply positive and saw resistance near EquityPandit’s predicted resistance levels of 12150 for Nifty and 41110 for Sensex. Market was not able to sustain lifetime highs and saw some profit booking there. Market saw lows right at EquityPandit’s predicted support levels of 12000 for Nifty and 40715 for Sensex. Finally, Indian Stock Market closed negative for the day but BankNifty managed to close positive for the day.
Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still in positive zone. Now markets are struggling at record highs. Market are in uncharted area and would still be considered bullish for now. Though BankNifty has made a DOJI kind of pattern for last trading session but traders should continue to hold long positions in the market until it hold above 11969 for Nifty and 31297 for BankNifty. Initiate short positions only if Nifty closes below 11969 but until then hold long positions.
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FIIs were net buyers of Rs.4677.75 crores whereas DIIs were net sellers of Rs.4242.01 crores in cash market for last trading session. Nifty would see strong support at 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: (12038) The support for the Nifty is 12000-11940-11905 and the resistance to the up move is at 12105-12150-12188-12240 levels.
NSE BankNifty: (31718) The support for BankNifty is 31600-31500-31380-31340 and the resistance to the up move is 31800-31940-32035 levels.
BSE Sensex: (40821) The support for the Sensex is 40780-40715-40660-40600-40540 and the resistance to the up move is at 40880-40995-41035-41110 levels.
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