Some Profit Booking To Be Seen As Market Overstretched But Stay Long Until Nifty Holds 12691
Last Trading Session: Indian Stock Market positive as predicted by EquityPandit. EquityPandit predicted that the market would open positive and further positive momentum would be seen in the market. EquityPandit also predicted that traders should hold long positions in the market and exactly the same happened. Indian Stock Market moved sharply positive and saw resistance right near EquityPandit’s predicted resistance levels of 12940 for Nifty. Finally, Indian Stock Market closed the gap positive for the day.
Market Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still in the positive zone. As stated earlier, Indian market is overstretched and Nifty is also near its strong support of 13000 levels and hence some profit booking with some sideways movement can be seen in the market but overall market is bullish for now and traders should not initiate any short positions until the market trend see a reversal by closing below 12691 for Nifty and 28254 for BankNifty.
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FIIs were net buyers of Rs.4905.35 crores whereas DIIs were net sellers of Rs.3829.16 crores in the cash market for the last trading session. Nifty would see strong support at 12805-12750-12690-12615 whereas strong resistance would be seen at 12940-13000-13075-13140 levels. EquityPandit’s support and resistance levels always meet accuracy and hence traders are suggested to follow them for good profits.
NSE Nifty: (12874) The support for the Nifty is 12805-12750-12690-12615 and the resistance to the up move is at 12940-13000-13075-13140.
NSE BankNifty: (29181) The support for BankNifty is 29035-28940-28865-28725 and the resistance to the up move is 29240-29365-29515-29606.
BSE Sensex: (43953) The support for the Sensex today is 43815-43700-43606-43500 and the resistance to the up move is at 44110-44270-44380-44540 levels.
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