Nifty Would Continue To Consolidate Until Breaks From The Range Of 10700-10835

Last Trading Session: Indian Stock Market opened negative exactly as predicted by EquityPandit. EquityPandit predicted that Indian Stock Market would see further profit booking and exactly same happened. Indian Stock Market saw sharp profit booking while opening but recovered smartly from intraday lows. Market saw highs right at EquityPandit’s predicted resistance levels of 10808 for Nifty and 26715 for BankNifty like a dot. Finally, Indian Stock Market closed flat for the day.

Today: Indian Stock Market would open flat. Technically, analysis would remain same. BankNifty is still in positive zone whereas Nifty is in negative zone. Market would continue to consolidate in a rangebound region until it breakout from the range of 10700-10835 levels for Nifty. Once any of these levels breaches, market would see sharp breakout in that direction but until then sideways movement would be seen. Nifty would enter into positive zone only if it closes above 10824 whereas BankNifty would enter into negative zone if it closes below 26451. Traders can take long positions home if Nifty managed to enter into positive zone whereas short positions can be taken home if BankNifty enters into negative zone. Until then traders can continue to trade intraday in the rangebound region following EquityPandit’s resistance and support levels.

FIIs were net buyers of Rs.198.68 crores whereas DIIs were net sellers of Rs.86.22 crores in cash market for last trading session. Nifty would see strong support at 10750-10722-10700-10675-10645 whereas strong resistance would be seen 10808-10835-10880-10906 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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Stocks In F&O Ban Period: CGPOWER, DHFL, IDBI, INFIBEAM, JISLJALEQS, JPASSOCIAT and WOCKPHARMA.

NSE Nifty: (10769) The support for the Nifty is 10750-10722-10700-10675-10645 and the resistance to the up move is at 10808-10835-10880-10906 levels.

NSE BankNifty: (26602) The support for BankNifty is at 26535-26420-26340-26180 and the resistance to the up move is at 26715-26800-26890-26971 levels.

BSE Sensex: (35490) The support for the Sensex is at 35430-35380-35260-35145 and the resistance to the up move is at 35568-35660-35750-35880 levels.