Market Overstretched And Near Resistance Of 13000 For Nifty, Profit Booking To Be Seen
Last Trading Session: Indian Stock Market opened flat as predicted by EquityPandit. EquityPandit predicted that the market is overstretched and hence some profit booking would be seen but overall the market is positive and traders should stay long until Nifty holds above 12691 and exactly the same happened. Indian Stock Market opened flat and saw some profit booking while opening but recovered from there and continued its positive momentum for the day. Finally, Indian Stock Market closed positive. Nifty closed right below EquityPandit’s predicted resistance levels of 12940 like a dot.
Market Today: Indian Stock Market would open gap negative. Technically, Indian Stock Market is still in the positive zone. Market is still in bullish momentum, but as stated earlier traders should remain cautious as the market is overstretched. Profit booking would be seen today as Nifty is near its important psychological resistance levels of 13000. Some correction and consolidation would be seen before breaching these levels. Market would enter into a negative zone only if it closes below 12728 for Nifty and 28655 for BankNifty. Traders should not initiate short positions until the market closes below these levels.
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FIIs were net buyers of Rs.3071.93 crores whereas DIIs were net sellers of Rs.2789.85 crores in the cash market for the last trading session. Nifty would see strong support at 12865-12805-12750-12690 whereas strong resistance would be seen at 12985-13035-13075-13140 levels. EquityPandit’s support and resistance levels always meet accuracy and hence traders are suggested to follow them for good profits.
NSE Nifty: (12938) The support for the Nifty is 12865-12805-12750-12690 and the resistance to the up move is at 12985-13035-13075-13140.
NSE BankNifty: (29750) The support for BankNifty is 29606-29515-29365-29240 and the resistance to the up move is 29880-29954-30035-30180.
BSE Sensex: (44180) The support for the Sensex today is 44035-44945-43815-43700 and the resistance to the up move is at 44270-44380-44540-44660 levels.
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