Market Still In Positive Zone But Now Profit Booking Can Be Seen anytime
Last Trading Session: Indian Stock Market opened positive as predicted. EquityPandit predicted that the market is still bullish but overstretched and hence profit booking would be seen, so traders should book partial profits in long positions and exactly the same happened. Indian Stock Market moved sharply negative on the account of profit booking and saw lows right near EquityPandit’s predicted support levels of 12580 for Nifty but recovered sharply to close gap positive for the day.
Market Today: Indian Stock Market would open negative. Technically, Indian Stock Market is still in the positive zone. Market is overstretched and can see some profit booking anytime soon. Traders can keep booking partial profits at every positive rally. Market is still bullish due to the festive season but we can see a sharp downfall anytime soon as the market is in its last stage of positive rally. Traders should remain cautious and should book partial profits but should not initiate any short positions until the market closes below 12481 for Nifty and 27762 for BankNifty.
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FIIs were net buyers of Rs.6207.19 crores whereas DIIs were net sellers of Rs.3463.86 crores in the cash market for the last trading session. Nifty would see strong support at 12580-12515-12440-12365 whereas strong resistance would be seen at 12815-12880-12940-13045 levels. EquityPandit’s support and resistance levels always meet accuracy and hence traders are suggested to follow them for good profits.
NSE Nifty: (12749) The support for the Nifty is 12580-12515-12440-12365 and the resistance to the up move is at 12815-12880-12940-13045.
NSE BankNifty: (28845) The support for BankNifty is 28700-28615-28470-28380 and the resistance to the up move is 28940-28907-29110-29240.
BSE Sensex: (43594) The support for the Sensex today is 43500-43440-43270-43110 and the resistance to the up move is at 43715-43800-43885 levels.
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