Market To Open Negative But Go Long At Every Dip In The Market For Now
Last Trading Session: Indian Stock Market opened gap positive in last trading session. EquityPandit predicted last week that Nifty would see a V-shaped recovery in upcoming days and traders can go long with closing stoploss of 10198 for Nifty and exactly same happened. Indian Stock Market managed to hold above 10198 on closing basis and saw a sharp V-shaped recovery exactly as per EquityPandit’s predictions. Nifty saw highs right near EquityPandit’s predicted resistance levels of 10500. Traders, who followed EquityPandit’s suggestions to go long at dips might have earned huge profits in last week. Finally, Indian Stock Market closed gap positive for the day.
Today: Indian Stock Market would open negative. Technically, Indian Stock Market including Nifty, Sensex and BankNifty has entered into positive zone and traders should now go long at every dip in the market. Some profit booking (negative movement) would be seen but every correction in the market would be an opportunity for traders to go long in the market. The sharp downfall which we saw a week earlier was full of gaps in the trend and there are strong chances that market may try to fill up those gaps with sharp positive movements. Once Nifty manages to close above its initial resistance of 10550 on upside then the rally could extend till 10750-10845 levels for Nifty. Traders can continue to hold long positions or go long at every dip in Nifty and BankNifty for now.
FIIs were net sellers of Rs.1322.13 crores whereas DIIs were net buyers of Rs.1287.29 crores in cash market for last trading session. Nifty would see strong support at 10438-10380-10325-10300 whereas strong resistance would be seen 10557-10632-10662-10705 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
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Important Quarterly Results To Be Declared Today: Delta Corp, Indiabulls Housing Finance, IndusInd Bank, Network 18 Media, South Indian Bank, Trident and TV18 Broadcast Limited.
Stocks In F&O Ban Period: ADANIPOWER and IDBI.
NSE Nifty: (10473) The support for the Nifty is 10438-10380-10325-10300 and the resistance to the up move is at 10557-10632-10662-10705 levels. levels.
NSE BankNifty: (25396) The support for BankNifty is 25210-25070-24960-24820 and the resistance to the up move is at 25480-25532-25675-25835 levels.
BSE Sensex: (34734) The support for the Sensex is at 34580-34500-34400-34311 and the resistance to the up move is at 34880-34980-35075-35240 levels.
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