Market Still Bullish But Over-Stretched, Book Partial Profits In Long Positions
Last Trading Session: Indian Stock Market opened gap positive exactly as predicted. EquityPandit predicted that the market would see a sharp positive rally and traders should hold long positions for now and exactly the same happened. Indian Stock Market saw new lifetime highs as predicted. Banking sector also saw sharp gains in the last couple of days as it was highly discounted. EquityPandit has given a bullish signal for BankNifty on November 03, 2020 and has suggested to hold long positions from that day. Since then the market has already moved around 4000 points positive for BankNifty. Traders who followed EquityPandit’s advice might have earned huge profits for the day. Finally, Indian Stock Market closed the gap positive for the day.
Market Today: Indian Stock Market would open positive. Technically, Indian Stock Market is still in the positive zone. Market would enter into a negative zone only if it closes below 12377 for Nifty and 27534 for BankNifty. Although we may see some more positive movement due to festive season but now the market is in its last stage of upmove and may see profit booking soon in upcoming trading sessions. Traders should start booking partial profits now in their long positions at every positive movement. We may soon see choppiness and profit booking in the market. But traders should not initiate short positions until the market closes below EquityPandit’s reversal levels.
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FIIs were net buyers of Rs.5627.32 crores whereas DIIs were net sellers of Rs.2309.19 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 12660-12740-12815-12880 levels. EquityPandit’s support and resistance levels always meet accuracy and hence traders are suggested to follow them for good profits.
NSE Nifty: (12631) The support for the Nifty is 12580-12515-12440-12365 and the resistance to the up move is at 12660-12740-12815-12880.
NSE BankNifty: (28606) The support for BankNifty is 28470-28380-28240-28110-28035 and the resistance to the up move is 28770-28880-28940-29075.
BSE Sensex: (43278) The support for the Sensex today is 43110-42940-42815-42700 and the resistance to the up move is at 43440-43615-43800 levels.
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