Nifty To Consolidate Before Breaching 13000, Initiate Short Only If Nifty Closes Below 12728
Last Trading Session: Indian Stock Market opened positive in the last trading session as predicted. EquityPandit predicted that Indian Stock Market will consolidate for now but traders should continue to hold long positions until Nifty holds above 12728 levels and exactly the same happened. Interestingly, Nifty saw low right above Equitypandit’s reversal levels at 12730 like a dot. Market moved sharply positive from there and finally, managed to close the gap positive for the day. Sensex closed right below EquityPandit’s predicted resistance levels of 43885 like a dot.
Market Today: Indian Stock Market would open positive. Technically, Indian Stock Market is still in the positive zone. Market would enter into a negative zone only if it closes below 12728 for Nifty and 28665 for BankNifty. Until then the market would consolidate in a rangebound region. Levels of 13000 is strong psychological resistance for Nifty and the market would consolidate before breaching those levels. Traders should continue to hold long positions until Nifty holds above 12728 and BankNifty holds above 28665 by closing. If the market closes below these levels then traders can initiate fresh short positions.
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FIIs were net buyers of Rs.3860.78 crores whereas DIIs were net sellers of Rs.2868.66 crores in the cash market for the last trading session. Nifty would see strong support at 12805-12750-12690-12615 whereas strong resistance would be seen at 12885-12940-12965-13005-13035 levels. EquityPandit’s support and resistance levels always meet accuracy and hence traders are suggested to follow them for good profits.
NSE Nifty: (12859) The support for the Nifty is 12805-12750-12690-12615 and the resistance to the up move is at 12885-12940-12965-13005-13035.
NSE BankNifty: (29236) The support for BankNifty is 29110-29035-28940-28865 and the resistance to the up move is 29365-29515-29606.
BSE Sensex: (43882) The support for the Sensex today is 43770-43700-43606-43500 and the resistance to the up move is at 43950-44035-44110-44270-44380 levels.
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