Market To See Some Profit Booking But Initiate Short Only Below 13897 For Nifty
Last Trading Session: Indian Stock Market opened gap positive for the day. Market saw sharp profit booking from day highs. Market again recovered sharply from day lows and managed to close the gap positive for the day. BankNifty remained under pressure and closed flat for the day.
Market Today: Indian Stock Market would open gap negative for the day. Technically, Indian Stock Market is still in a positive zone for now. Market is over-stretched and would see some sharp profit booking but would enter into a negative zone only if the market closes below 13897 for Nifty and 30690 for BankNifty. Though the market would see profit booking but traders should not initiate fresh short positions until Nifty closes below these reversal levels. Nifty would see further bullish momentum only if it closes above 14150 and would see a sharp rally in that case but until then profit booking can’t be ruled out. For now, intraday traders can buy after a sharp correction near support levels and book profits near resistances. Once the market closes below EquityPandit’s predicted reversal levels then traders can initiate fresh short positions in the market.
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FIIs were net buyers of Rs.1843.22 crores whereas DIIs were net sellers of Rs.715.21 crores in the cash market for the last trading session. Nifty would see strong support at 13655-13608-13550-13506 whereas strong resistance would be seen at 13808-13880-13945 levels. EquityPandit’s support and resistance levels always meet accuracy and hence traders are suggested to follow them for good profits.
NSE Nifty: (14133) The support for the Nifty is 14069-14035-13945-13880 and the resistance to the up move is at 14150-14195-14270.
NSE BankNifty: (31212) The support for BankNifty is 31025-30885-30770-30660 and the resistance to the up move is 31380-31500-31605-31660.
BSE Sensex: (48176) The support for the Sensex today is 48035-47880-47800-47715 and the resistance to the up move is at 48240-48380-48515-48608 levels.
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