Market To Consolidate Before Further Breakout, Nifty Reversal Only Below 12131

Last Trading Session: Indian Stock Market opened flat exactly as predicted by EquityPandit. EquityPandit predicted that market is overstretched and traders should start hedging their long positions. EquityPandit also predicted that overall, market is still bullish and traders should continue long positions. Indian Stock Market saw some profit booking but recovered smartly to see highs right at EquityPandit’s predicted resistance levels of 12270 like a dot. Finally, Indian Stock Market closed positive for the day.

Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still in positive zone but it is overstretched and may cyclically move upward. We may see some consolidation or profit booking before a big breakout. But overall market is bullish and traders should continue to hold long positions until it holds above 12131 for Nifty and 31874 for BankNifty.

Nifty:

BankNifty:

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FIIs were net buyers of Rs.739.43 crores whereas DIIs were net sellers of Rs.493.95 crores in cash market for last trading session. Nifty would see strong support at 12228-12200-12165-12125 whereas strong resistance would be seen at 12270-12310-12340-12380 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (12260) The support for the Nifty is 12228-12200-12165-12125 and the resistance to the up move is at 12270-12310-12340-12380 levels.

NSE BankNifty: (32241) The support for BankNifty is 32175-32110-32035-31940 and the resistance to the up move is 32285-32380-32470 levels.

BSE Sensex: (41674) The support for the Sensex is 41600-41515-41440-41350 and the resistance to the up move is at 41740-41800-41880-41950 levels.

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