Market To Consolidate For Now, Initiate Short Only If Nifty Closes Below 12728
Last Trading Session: Indian Stock Market opened gap negative exactly as predicted by EquityPandit. EquityPandit predicted that the market is overstretched and near its resistance of 13000 for Nifty and hence profit booking would be seen in the market and exactly the same happened. Indian Stock Market moved sharply negative on the account of profit booking as expected. Nifty saw lows right at EquityPandit’s predicted support levels of 12745. Finally, Indian Stock Market Closed gap negative for the day.
Market Today: Indian Stock Market would open positive. Technically, Indian Stock Market is still in the positive zone. Market is near its reversal levels and would enter into a negative zone if it closes below 12728 for Nifty and 28655 for BankNifty. Market would consolidate for now and traders can initiate short positions if the market closes below 12728 for Nifty and 28655 for BankNifty but until then some bounce back can be seen and traders can hold long positions till then.
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FIIs were net buyers of Rs.1180.61 crores whereas DIIs were net sellers of Rs.2854.94 crores in the cash market for the last trading session. Nifty would see strong support at 12750-12690-12615-12585 whereas strong resistance would be seen at 12840-12880-12965-13035 levels. EquityPandit’s support and resistance levels always meet accuracy and hence traders are suggested to follow them for good profits.
NSE Nifty: (12772) The support for the Nifty is 12750-12690-12615-12585 and the resistance to the up move is at 12840-12880-12965-13035.
NSE BankNifty: (28903) The support for BankNifty is 28815-28700-28615-28470 and the resistance to the up move is 29059-29180-29270-29380.
BSE Sensex: (43600) The support for the Sensex today is 43500-43440-43270-43110 and the resistance to the up move is at 43715-43800-43885-44035 levels.
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