Market Still Consolidating, Initiate Short Only If Nifty Closes Below 10659

Last Trading Session: Indian Stock Market opened positive but within few minutes it gave up all the gains. EquityPandit predicted that Indian Stock Market would see some profit booking for the day and exactly same happened. Indian Stock Market moved sharply negative from its intraday highs and finally, managed to close flat with negative bias for the day.

Today: Indian Stock Market would open negative. Technically, Indian Stock Market is still in positive zone. Indian Stock Market would consolidate in a range for now. Market would enter into negative zone only if it closes below 10659 for Nifty and 25306 for BankNifty. Traders can close all long positions and initiate short positions if market closes below these levels but until then traders can continue to hold long positions.

FIIs were net sellers of Rs.525.93 crores whereas DIIs were net buyers of Rs.165.84 crores in cash market for last trading session. Nifty would see strong support at 10700-10675-10645-10600 whereas strong resistance would be seen 10767-10803-10840-10880 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: IRB and PCJEWELLERS.

Important Companies To Disclose Its Q4 Results Today: Adani Power, BF Utilities, Castrol India, Cera Sanitaryware, Edelweiss Financial Services, Emami, Greaves Cotton, Hexaware Technologies, HFCL, HCC, IRB Infrastructure, JSW Energy, L&T Finance Holdings, MRF, Orient Cement, PNB Housing Finance, Radico Khaitan, Shree Renuka Sugars, Trent, Vedanta and Venkys India Ltd.

NSE Nifty: (10718) The support for the Nifty is 10700-10675-10645-10600 and the resistance to the up move is at 10767-10803-10840-10880 levels.

NSE BankNifty: (25568) The support for BankNifty is at 25450-25400-25318-25245 and the resistance to the up move is at 25570-25660-25735-25862 levels.

BSE Sensex: (35176) The support for the Sensex is at 35070-35000-34970-34850 and the resistance to the up move is at 35270-35380-35440-35507 levels.

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