Nifty Needs To Close Above 10340 For Sustained Uptrend, Go Long At Dips

Last Trading Session: Indian Stock Market opened gap positive as predicted by EquityPandit. EquityPandit predicted that Market would move sharply positive for Nifty targets of 10330 and exactly same happened. EquityPandit also predicted that BankNifty would see Next targets of 25800-26000 and exactly same happened. Indian Stock Market moved sharply positive as predicted by EquityPandit. Moody’s upgrade on India added fuel to the fire. Finally, Indian Stock Market closed gap positive for the day. Nifty closed right at EquityPandit’s predicted resistance levels of 10283 like a dot.

Today: Indian Stock Market would open flat to negative on US tax reform worries. Technically, Indian Stock Market is in positive zone. Now, every dip in the market is an opportunity for traders to go long in the market. Once Market managed to close above 10340 levels for Nifty and 26000 levels for BankNifty, it would confirm the sustained bullish trend in the market. Traders can hold long positions and buy at dips until Market holds above 10199 for Nifty and 25500 for BankNifty on closing basis. Closing below these levels would confirm that bullish trend is finished. So for now traders can hold long positions or buy at dips with closing stoploss of 10199 for Nifty and 25500 for BankNifty spot levels.

FIIs were net buyers of Rs.1276.62 crores whereas DIIs were net buyers of Rs.1466.94 crores in cash market for last trading session. Nifty would see strong support at 10270-10232-10200-10175 whereas strong resistance would be seen at 10352-10386-10400-10440 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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NSE Nifty: (10284) The support for the Nifty is 10270-10232-10200-10175 and the resistance to the up move is at 10352-10386-10400-10440 levels.

NSE BankNifty: (25728) The support for BankNifty is at 25693-25598-25500-25400 and the resistance to the up move is at 25862-25925-26000-26060 levels.

BSE Sensex: (33343) The support for the Sensex is at 33200-33165-33012 and the resistance to the up move is at 33380-33417-33480-33560 levels.

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