Sharp Profit Booking To Be Seen, Initiate Short If Nifty Closes Below 10659

Last Trading Session: Indian Stock Market opened negative for the day and saw sharp profit booking in starting of the trading session. Nifty saw lows right near EquityPandit’s predicted support levels of 10645 like a dot. Market recovered sharply from there and saw highs right near EquityPandit’s predicted resistance levels of 25660 for BankNifty and 35270 for Sensex. Overall, market consolidated for the whole day as predicted by EquityPandit and finally, closed negative for the day.

Today: Indian Stock Market would open negative. Technically, Indian Stock Market is still in positive zone but now market is near its reversal levels. Closing below 10659 for Nifty and 25306 for BankNifty would force market to enter into negative zone. Traders can close all long positions and initiate fresh short positions if market managed to close below 10659 for Nifty and 25306 for BankNifty but until then wait and hold long positions.

FIIs were net sellers of Rs.148.42 crores whereas DIIs were net sellers of Rs.578.92 crores in cash market for last trading session. Nifty would see strong support at 10660-10645-10600-10560 whereas strong resistance would be seen 10705-10767-10803-10840 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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Important Companies To Disclose Its Q4 Results Today: Ambuja Cements, Bank of Maharashtra, BASF India, Capital First, Godrej Properties, Great Eastern Shipping Company, Indo count Industries, NIIT Technologies, NOCIL, Phillips Carban Black, PVR and Wockhardt.

NSE Nifty: (10680) The support for the Nifty is 10660-10645-10600-10560 and the resistance to the up move is at 10705-10767-10803-10840 levels.

NSE BankNifty: (25605) The support for BankNifty is at 25500-25450-25400-25318-25245 and the resistance to the up move is at 25660-25735-25862 levels.

BSE Sensex: (35103) The support for the Sensex is at 35070-35000-34970-34850 and the resistance to the up move is at 35270-35380-35440-35507 levels.

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