Market Rangebound For Now, Continue Long Until Nifty Holds Above 10166 By Closing
Last Trading Session: Indian Stock Market opened gap negative for the day as predicted. EquityPandit predicted that further profit booking would be seen but traders should initiate short only if Nifty closes below 10166 and BankNifty closes below 21128. Market saw sharp profit booking as expected but recovered smartly from lows. Finally, Indian Stock Market closed flat for the day.
Today: Indian Stock Market would open positive. Technically, Indian Stock Market is still in the positive zone. Market would enter into a negative zone only if it closes below 10166 levels for Nifty and 21128 levels for BankNifty. Market would see a sharp downfall once the market closes below these levels but until then there is still hope of further positive movement. Traders can hold long for now with some option hedging until the market holds above these levels. Initiate fresh short once the market closes below these levels.
Check the Trend Of Major Indices and Stocks
FIIs were net sellers of Rs.1050.61 crores whereas DIIs were net sellers of Rs.255.59 crores in the cash market for the last trading session. Nifty would see strong support at 10270-10235-10165-10120 whereas strong resistance would be seen at 10396-10458-10505-10545 levels. EquityPandit’s support and resistance levels always meet accuracy and hence traders are suggested to follow them for good profits.
Important Results To Be Disclosed Today: APL Apollo Tubes, Century Plyboards, Coal India, EIH, Emami Ltd, ERIS Lifesciences, Glenmark Pharmaceuticals, Gujarat Narmada Valley Fertilizers, Housing and Urban Development Corporation, IFCI, IRCTC, ITC, ITI, Kajaria Ceramics, National Aluminium Company, Nava Bharat Ventures, Oil India Sheela Foam, South Indian Bank, Sun TV network, TVS Srichakra and UCO Bank.
NSE Nifty: (10289) The support for the Nifty 10270-10235-10165-10120 and the resistance to the up move is at 10396-10458-10505-10545.
NSE BankNifty: (21506) The support for BankNifty is 21065-20878-20745-20620 and the resistance to the up move is 21715-21862-22000-22385 levels.
BSE Sensex: (34842) The support for the Sensex 34695-34540-34365-34037 and the resistance to the up move is at 35065-35270-35480-35670 levels.
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