Further Profit Booking Expected But Go Long At Dips Until 10020 Holds For Nifty
Last Trading Session: Indian Stock Market opened flat as per EquityPandit’s predictions. EquityPandit predicted that Nifty is heading towards lifetime highs and suggested to continue long positions. EquityPandit also predicted that Nifty ready to see next target of 10115 and exactly same happened. Indian Stock Market moved sharply positive and achieved EquityPandit’s predicted targets of 10115 for Nifty. Nifty made highs just below lifetime highs and reversed from there due to high psychological resistance seen at record high levels. Finally, Indian Stock Market closed flat for the day.
Today: Indian Stock Market to open flat. Technically, Indian Stock Market is still in positive zone. Market saw sharp profit booking by the end of last trading session. This suggest that Nifty would is witnessing strong resistance at lifetime highs of 10137 levels and is not ready to breach those levels in one-go. Nifty may see some further profit booking if it closes below 10063 levels in today’s trading session. Indian Stock Market would see reversal only if it closes below 10020 levels for Nifty and 24636 levels for BankNifty but until then every downfall would be an opportunity for traders to go long in the market. BankNifty is stronger as compared to Nifty and traders can go long at every dip in the market. Once Nifty breaches levels of 10138, it would head towards 10200 levels in upcoming sessions.
FIIs were net sellers of Rs.826.77 crores whereas DIIs were net buyers of Rs.725.90 crores in cash market for last trading session. Nifty would see strong support at 10063-10050-10020-9987 whereas strong resistance would be seen at 10115-10138-10150-10200 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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Global Data To Watch Today: U.S. consumer-price data, China’s August industrial production, retail sales and fixed-asset investment.
NSE Nifty: (10079) The support for the Nifty is 10063-10050-10020-9987 and the resistance to the up move is at 10115-10138-10150-10200 levels.
NSE BankNifty: (24832) The support for BankNifty is at 24737-24636-24500-24465 and the resistance to the up move is at 24920-24980-25032-25080 levels.
BSE Sensex: (32186) The support for the Sensex is at 32082-32038-31950-31865 and the resistance to the up move is at 32240-32350-32380-32450 levels.
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