Nifty Still Consolidating, Continue Long Until It Holds Above 11503

Last Trading Session: Indian Stock Market opened positive exactly as predicted by EquityPandit. EquityPandit predicted that Indian Stock Market would consolidate for now but traders should still hold long positions until Nifty holds above 11503 levels and same happened. Indian Stock Market moved sharply positive and saw highs right at EquityPandit’s predicted resistance levels of 11682 for Nifty and 29700 for BankNifty like a dot. Market saw sharp profit booking from EquityPandit’s predicted resistance levels and finally, managed to close negative for the day.

Today: Indian Stock Market would open negative. Technically, Indian Stock Market is still in positive zone. Market would still continue to consolidate as we are heading towards Diwali Festival weekend. Overall market is still bullish until it holds above 11503 for Nifty and 28855 for BankNifty and traders are suggested to hold long positions in the market. Some Profit booking would be seen but short selling should be done only and only if market closes below EquityPandit predicted reversal levels.

Nifty:

BankNifty:

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FIIs were net sellers of Rs.213.23 crores whereas DIIs were net sellers of Rs.137.38 crores in cash market for last trading session. Nifty would see strong support at 11515-11498-11450-11412 whereas strong resistance would be seen at 11630-11682-11700-11730 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

Important Results To Be Disclosed Today: AAVAS Financiers, Atul Ltd, Carborundum Universal Ltd, HDFC Asset Management Company Ltd, Heidelberg Cement, Honeywell Automation, Infibeam Avenue, Jubilant Life Sciences, Ratnamani Metal & Tubes, Reliance Capital Ltd, S H Kelkar, SBI, Strides Pharma Science, Supreme Industries, Tata Coffee, Tata Motors, Tata Motors-DVR, Timken India.

NSE Nifty: (11583) The support for the Nifty is 11515-11498-11450-11412 and the resistance to the up move is at 11630-11682-11700-11730 levels.

NSE BankNifty: (29108) The support for BankNifty is 29027-28950-28815 and the resistance to the up move is 29250-29360-29400 levels.

BSE Sensex: (39020) The support for the Sensex is 38870-38800-38747-38700 and the resistance to the up move is at 39115-39240-39380-39470 levels.

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