Market To Consolidate For Now, Continue Long Until Nifty Above 12182
Last Trading Session: Indian Stock Market opened positive as predicted. EquityPandit predicted that market is still bullish and traders should continue to hold long positions and exactly same happened. Indian Stock Market saw some profit booking after opening but strong support was seen near EquityPandit’s predicted support levels of 12300 for Nifty. Market recovered sharply from there and saw highs near EquityPandit’s predicted resistance levels of 12380 for Nifty. Finally, Indian Stock Market closed positive for the day but BankNifty closed negative for the day.
Today: Indian Stock Market would open flat with negative bias. Technically, Indian Stock Market is still in positive zone but now some consolidation would be seen before taking further directional move. Market would enter into negative zone only if it closes below 12182 for Nifty and 31678 for BankNifty but until then traders should continue to hold long positions in the market.
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FIIs were net sellers of Rs.205.56 crores whereas DIIs were net sellers of Rs.642.47 crores in cash market for last trading session. Nifty would see strong support at 12320-12300-12284-12230 whereas strong resistance would be seen at 12380-12440-12500 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
NSE Nifty: (12362) The support for the Nifty is 12320-12300-12284-12230 and the resistance to the up move is at 12380-12440-12500 levels.
NSE BankNifty: (32072) The support for BankNifty is 32035-31975-31880-31820 and the resistance to the up move is 32158-32240-32365-32500 levels.
BSE Sensex: (41953) The support for the Sensex is 41800-41720-41650-41600-41518 and the resistance to the up move is at 42035-42110-42240 levels.
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