Every Dip Is A Buying Opportunity Until Nifty Holds Above 10289 Levels

Last Trading Session: Indian Stock Market opened flat as predicted by EquityPandit. EquityPandit predicted that profit booking would be seen in the market but fresh shorts should not be initiated until Nifty closes below 10289 levels. Indian Stock Market saw some profit booking for the day. Finally, Indian Stock Market closed negative for the day.

Today: Indian Stock Market to open gap positive. Technically, analysis would remain same and Indian Stock Market is still in positive zone. Market would enter into negative zone only if it closes below 10289 for Nifty and 24665 levels for BankNifty. Traders can continue long positions until Nifty holds 10289 levels. Overall, market is still positive and positive momentum that was lost in last couple of trading session would again be seen in the market. New record highs are still possible until Indian Stock Market holds above 10289 levels for Nifty and 24665 levels for BankNifty. Every dip in the market would be buying opportunity until Nifty holds 10289 levels and traders should not initiate any short positions until then.

FIIs were net sellers of Rs.531.82 crores whereas DIIs were net buyers of Rs.598.92 crores in cash market for last trading session. Nifty would see strong support at 10289-10270-10232-10200 whereas strong resistance would be seen at 10386-10400-10440-10485 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: (10335) The support for the Nifty is 10289-10270-10232-10200 and the resistance to the up move is at 10386-10400-10440-10485 levels.

NSE BankNifty: (25019) The support for BankNifty is at 24945-24778-24632-24570 and the resistance to the up move is at 25065-25200-25280-25380 levels.

BSE Sensex: (33213) The support for the Sensex is at 33200-33165-33012-32800 and the resistance to the up move is at 33300-33380-33440-33500 levels.

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