Market To Consolidate, Continue Long Until Nifty Holds Above 11507 On Closing Basis

Last Trading Session: Indian Stock Market opened negative as predicted by EquityPandit. EquityPandit predicted that Indian Stock Market is still in positive zone but some profit booking would be seen and hence traders should book partial profits in long positions for now and exactly same happened. Indian Stock Market moved sharply positive and saw highs right at EquityPandit’s predicted resistance levels of 11600 for Nifty like a dot and saw sharp profit booking from there. Nifty saw lows right at Equitypandit’s predicted support levels of 11530 like a dot. Finally, Indian Stock Market closed negative for the day.

Today: Indian Stock Market would open positive. Technically, Nifty is still in positive zone but BankNifty has entered into negative zone. Overall, market is still in positive zone for now. Either BankNifty needs to close above 28239 or Nifty needs to close below 11507 to confirm the direction of the market and until then market would consolidate in a rangebound region. Overall, market is positive for now and traders can continue to hold long positions until Nifty holds 11507 on closing basis. Traders can initiate fresh short positions if Nifty closes below 11507 levels.

FIIs were net sellers of Rs.75.78 crores whereas DIIs were net buyers of Rs.904.75 crores in cash market for last trading session. Nifty would see strong support at 11530-11500-11470-11430 whereas strong resistance would be seen 11600-11621-11660 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: HEXAWARE, JETAIRWAYS, JISJALEQS and RAYMOND.

NSE Nifty: (11557) The support for the Nifty is 11530-11500-11470-11430 and the resistance to the up move is at 11600-11621-11660 levels.

NSE BankNifty: (27835) The support for BankNifty is at 27960-27840-27760-27690 and the resistance to the up move is at 28075-28275-28360 levels.

BSE Sensex: (38252) The support for the Sensex is at 38170-38045-38000-37865 and the resistance to the up move is at 38380-38450-38500-38540 levels.

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