Nifty Positive Until 10485 Holds But Traders Can Book Partial Profits In Long Positions

Last Trading Session: Indian Stock Market opened positive exactly as predicted by EquityPandit. EquityPandit predicted that market would see sharp short covering rally (Positive rally) and traders can hold long positions until Nifty holds above 10476 for Nifty and exactly same happened. Indian Stock Market saw sharp positive movement for the day. Traders, who followed EquityPandit’s advice might have earned huge profits in last couple of days. Finally, Indian Stock Market closed gap positive for the day.

Today: Indian Stock Market would open negative. Technically, Indian Stock Market is still in positive zone until it holds above 10485 levels for Nifty and 24995 levels for BankNifty but now market looks exhausted. Traders can book some profits in their long positions as of now and should remain cautious as some big movement is expected in either side in upcoming days. Though market is positive but its facing strong resistance near 10600-10635 zone for Nifty. Nifty needs to see a decisive breakout of this range else profit booking would be seen in the market. Once market closes below 10485 for Nifty and 24995 for BankNifty, then traders can close all long positions and initiate fresh short positions in the market. Until then keep booking partial profits at every positive movement as market is consolidating in a range. Fresh breakout from the range would soon be seen and we would take the further trades accordingly.

FIIs were net sellers of Rs.624.99 crores whereas DIIs were net buyers of Rs.448.61 crores in cash market for last trading session. Nifty would see strong support at 10500-10476-10439-10400 whereas strong resistance would be seen 10572-10600-10632-10700 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: (10565) The support for the Nifty is 10500-10476-10439-10400 and the resistance to the up move is at 10572-10600-10632-10700 levels.

NSE BankNifty: (25126) The support for BankNifty is at 25070-24960-24820-24700 and the resistance to the up move is at 25275-25400-25500-25660 levels.

BSE Sensex: (34427) The support for the Sensex is at 34350-34228-34170-34110-34070 and the resistance to the up move is at 34500-34610-34666-34740 levels.

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