Nifty To Open Positive But Go Short At Rally Until It Closes Above 10245
Last Trading Session: Indian Stock Market opened flat on Diwali Muhurat Trading session and moved down sharply. EquityPandit predicted last week that if Nifty managed to close above 10047, then it would see new record highs and exactly same happened. Indian Stock Market saw highs of 10250 for Nifty. Market saw sharp profit booking from there on Diwali Muhurat trading. Finally, Indian Stock Market closed gap negative for the day.
Today: Indian Stock Market to open positive. Indian Stock Market, including Nifty, BankNifty and Sensex entered in negative zone. Nifty would enter into positive zone only if it closes above 10245 levels and until then traders can go short at every positive rally in the market. Once Nifty closes above 10245 levels, traders can again initiate fresh long positions with next logical target of 10500 levels but for now, traders should avoid going long as Nifty can fell towards 10049 levels. BankNifty would enter into positive zone only if it closes above 24410 levels. Banking sector has forced Nifty to see the downfall and if Nifty needs to see the further positive movement, then BankNifty needs to recover sharply else Nifty would be dragged towards 10049 levels in upcoming sessions. So overall, market is in consolidation phase for now and traders can short at every positive rally until Nifty closes above 10245 levels on spot basis.
FIIs were net sellers of Rs.43.74 crores whereas DIIs were net buyers of Rs.40.78 crores in cash market for last trading session. Nifty would see strong support at 10123-10080-10047-10020 whereas strong resistance would be seen at 10200-10212-10252-10300 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: BEML, DHFL, HDIL, IBREALEST, INFIBEAM, JPASSOCIAT,JSWENERGY and RELCAPITAL.
Corporate Earnings To Be Disclosed Today: Havells India, Hindustan Zinc and Indiabulls Housing Finance Limited.
NSE Nifty: (10147) The support for the Nifty is 10123-10080-10047-10020 and the resistance to the up move is at 10200-10212-10252-10300 levels.
NSE BankNifty: (24010) The support for BankNifty is at 24000-23920-23880-23820-23765 and the resistance to the up move is at 24165-24228-24252-24390 levels.
BSE Sensex: (32390) The support for the Sensex is at 32318-32165-32082-32038 and the resistance to the up move is at 32450-32520-32670-32700 levels.
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