Nifty Saw Fresh Breakout, Continue Long Positions Until 9965 Holds
Last Trading Session: Indian Stock Market opened positive as per EquityPandit’s predictions. EquityPandit predicted that Nifty is forming Ascending Triangle Pattern and would see breakout once it closes above 9988 levels and exactly same happened. Indian Stock Market moved sharply positive. Nifty managed to close above 10000 levels for the day and Finally, Indian Stock Market closed gap positive for the day.
Today: Indian Stock Market to open flat with positive bias. Technically, Indian Stock Market is still in positive zone. Nifty has seen a fresh breakout from Ascending Triangle pattern and now its next logical targets are 10050-10085-10115-10200 in upcoming days. Global worries eased as no fresh missile test was seen by North Korea that was expected last weekend and also Hurricane Irma has gradually lost strength and damage from the Hurricane didn’t appear to be as bad as expected by National Hurricane Center. Both these news would give relief to global markets and fresh highs would be seen in Indian Stock Market in upcoming days. Traders can continue to hold long positions as suggested by EquityPandit. India IIP and CPI Inflation would be disclosed today after market hours.
FIIs were net sellers of Rs.392.52 crores whereas DIIs were net buyers of Rs.877.37 crores in cash market for last trading session. Nifty would see strong support at 9965-9912-9880 whereas strong resistance would be seen at 10050-10065-10088-10115 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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Stocks In F&O Ban Period: DHFL, IBREALEST, JPASSOCIAT, JSWENERGY and JUSTDIAL.
NSE Nifty: (10006) The support for the Nifty is 9965-9912-9880 and the resistance to the up move is at 10050-10065-10088-10115 levels.
NSE BankNifty: (24672) The support for BankNifty is at 24618-24500-24465 and the resistance to the up move is at 24860-24980-25032-25080 levels.
BSE Sensex: (31882) The support for the Sensex is at 31865-31800-31618 and the resistance to the up move is at 32091-32134-32240-32322 levels.
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