Profit Booking Expected After A Positive Opening, Hold Long Until 10700 For Nifty

Last Trading Session: Indian Stock Market opened flat. EquityPandit predicted that market has entered positive zone and traders can go long at dips. Market saw profit booking after a sharp positive movement. Finally, Indian Stock Market closed negative for the day.

Today: Indian Stock Market would open gap positive. Technically, Indian Stock Market is still in positive zone. Traders, who went long at dips would get chance to book profits at higher levels. After a gap positive opening, we may see some profit booking. 10700 is important level for Nifty to watch out. If Nifty manage to close below 10700, then traders can go short with stoploss of 10800 for Nifty. But until then traders can hold long position in the market. Now, Karnataka election that would be taking place on Saturday would affect further market direction for short term.

FIIs were net sellers of Rs.364.88 crores whereas DIIs were net buyers of Rs.900.69 crores in cash market for last trading session. Nifty would see strong support at 10700-10675-10645-10600 whereas strong resistance would be seen 10785-10803-10840-10880 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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NSE Nifty: (10717) The support for the Nifty is 10700-10675-10645-10600 and the resistance to the up move is at 10785-10803-10840-10880 levels.

NSE BankNifty: (26131) The support for BankNifty is at 25940-25800-25665 and the resistance to the up move is at 26270-26335-26504-26660 levels.

BSE Sensex: (35246) The support for the Sensex is at 35130-35070-35000-34970-34850 and the resistance to the up move is at 35380-35440-35507-35660 levels.

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