Market Enters Positive Zone, Profit Booking To Be Seen But Go Long At Dips

Last Trading Session: Indian Stock Market opened positive for the day. EquityPandit predicted that traders should initiate long positions if BankNifty closes above 26498 and until then market would consolidate and trade with negative bias. Indian Stock Market traded in a range for the day. Finally, Indian Stock Market closed flat for the day.

Today: Indian Stock Market would open flat with negative bias. Technically, Indian Stock Market including Nifty, BankNifty and Sensex has entered into positive zone and now traders can go long at every dip in the market until Nifty holds above 10655 spot levels on closing basis. Option data is suggesting a big movement on either side. Trend is suggesting a positive breakout. So, traders should go long in the market for now. Market would see some profit booking (negative movement) but traders can consider those opportunity to go long in the market as long as Nifty holds above 10655 on closing basis.

FIIs were net sellers of Rs.159.37 crores whereas DIIs were net sellers of Rs.296.97 crores in cash market for last trading session. Nifty would see strong support at 10618-10600-10550 whereas strong resistance would be seen 10705-10735-10780 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

Click Here to Check the Trend Of Major Indices and Stocks

Stocks In F&O Ban Period: NIL.

NSE Nifty: (10700) 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: (26503) The support for BankNifty is at 26420-26320-26180 and the resistance to the up move is at 26660-26715-26800-26890 levels.

BSE Sensex: (35575) The support for the Sensex is at 35500-35480-35380-35260 and the resistance to the up move is at 35660-35750-35880-35970 levels.

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