Market To See Profit Booking But Initiate Short Only If Nifty Closes Below 12035
Last Trading Session: Indian Stock Market opened flat with negative bias as predicted by EquityPandit. EquityPandit predicted that Indian markets are at record highs and some profit booking can be seen anytime but traders should continue long until Nifty holds above 12035 for Nifty. Indian Stock Market saw sharp profit booking as predicted but managed to close above EquityPandit’s predicted reversal levels of 12035 for Nifty. Finally Indian Stock Market closed gap negative for the day.
Today: Indian Stock Market would open negative. Technically, Indian Stock Market is still in positive zone. Market would enter into negative zone once it closes below 12035 for Nifty and 31714 for Banknifty. Market would see further profit booking and if it manages to close below above given reversal levels then traders should close all long positions and initiate fresh short positions. But until then traders should wait and watch or continue to hold long positions.
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FIIs were net sellers of Rs.1892.29 crores whereas DIIs were net buyers of Rs.953.62 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 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
NSE Nifty: (12056) The support for the Nifty is 12035-12000-11940-11905 and the resistance to the up move is at 12105-12150-12188 levels.
NSE BankNifty: (31946) The support for BankNifty is 31870-31730-31600-31500 and the resistance to the up move is 32035-32110-32240 levels.
BSE Sensex: (40794) The support for the Sensex is 40715-40660-40600-40540 and the resistance to the up move is at 40880-40995-41035-41110 levels.
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