Continue Long Positions Until Nifty Holds 10000 Levels
Last Trading Session: Indian Stock Market opened flat with positive bias for the day. EquityPandit predicted that breaching 10016 levels would confirm continuation of uptrend. EquityPandit also predicted that traders can hold long positions until Nifty holds 9959 levels and exactly same happened. Market moved sharply positive and Nifty saw highs near EquityPandit’s predicted resistance levels of 10028. Finally, market closed flat for the day. BankNifty closed right below EquityPandit’s predicted resistance levels of 24350 like a dot.
Today: Indian Stock Market to open positive. Technically, Indian Stock Market is still in positive zone until Nifty holds 9923 levels. Nifty has formed indecisive pattern for second day in a row and it suggest that a big movement on either side is on the cards. Traders can continue to hold long positions with stoploss below last trading sessions lows at 10000 levels. Nifty would generate some selling pressure if it trades below 10000 levels and closing below 9923 levels for Nifty on spot basis would force market to see sharp downfall. Nifty, if managed to close above 10050 by the end of this week would generate breakout on weekly basis and would see sharp positive movement in next few weeks. So, traders should continue to hold long positions until Nifty holds 10000 levels. Fresh short positions should not be initiated until Nifty closes below 9923 levels.
FIIs were net sellers of Rs.504.82 crores whereas DIIs were net buyers of Rs.402.15 crores in cash market for last trading session. Nifty would see strong support at 10000-9945-9900-9880 whereas strong resistance would be seen at 10028-10080-10098-10115 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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Corporate Earnings To Be Disclosed Today: Lakshmi Vilas Bank, Network 18 Media & Investment and TV18 Broadcast Ltd.
NSE Nifty: (10017) The support for the Nifty is 10000-9945-9900-9880 and the resistance to the up move is at 10041-10080-10098-10115 levels.
NSE BankNifty: (24347) The support for BankNifty is at 24270-24130-24075-24000 and the resistance to the up move is at 24380-24422-24462-24500 levels.
BSE Sensex: (31924) The support for the Sensex is at 31880-31780-31718-31660 and the resistance to the up move is at 32000-32060-32180 levels.
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