Market At Record Highs, Continue Long Until Nifty Holds Above 12035

Last Trading Session: Indian Stock Market opened positive. EquityPandit predicted that though the next logical target for Nifty looks at 12300 but some profit booking could be seen and traders can book partial profits to lock their profits and hold remaining quantity with stoploss of 11986 for Nifty. Indian Stock Market moved sharply positive and finally, managed to close positive for the day. Nifty closed right near EquityPandit’s predicted resistance levels of 12150 like a dot.

Today: Indian Stock Market would open flat with negative bias. Technically, analysis would still remain same and Indian Stock Market is still in positive zone. Market would considered positive until it holds above 12035 levels for Nifty and 31714 levels for BankNifty. Now market is in uncharted area. The Ascending Triangle Pattern that is formed in Nifty suggests that Nifty can move till 12300 in upcoming days. Though some profit booking can be seen anytime but traders can hold long positions until Nifty holds above 12035 for Nifty.

Nifty:

BankNifty:

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FIIs were net buyers of Rs.1008.89 crores whereas DIIs were net sellers of Rs.155.47 crores in cash market for last trading session. Nifty would see strong support at 12100-12035-12000-11940 whereas strong resistance would be seen at 12188-12240-12270-12310 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (12151) The support for the Nifty is 12100-12035-12000-11940 and the resistance to the up move is at 12188-12240-12270-12310 levels.

NSE BankNifty: (32123) The support for BankNifty is 32035-31975-31820-317300 and the resistance to the up move is 32180-32240-32365-32500 levels.

BSE Sensex: (41130) The support for the Sensex is 41000-40880-40780-40715 and the resistance to the up move is at 41180-41270-41380-41440 levels.

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