Profit Booking To Be Seen But Market Bullish Until Nifty Holds Above 11728

Last Trading Session: Indian Stock Market opened positive as predicted. EquityPandit predicted that market is in bullish mode and traders should go long at every dip in the market and exactly same happened. Indian Stock Market moved sharply positive for the day but was not able to sustain higher levels and fell down to close flat for the day. BankNifty closed right at EquityPandit’s predicted resistance levels of 31270 like a dot.

Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still in positive zone. Indian Stock Market is still bullish and have recently seen a positive breakout but charts have formed a Shooting Star candlestick pattern in BankNifty, Nifty and Sensex. Shooting Star suggest the end of the momentum and a expectation of a reversal. So, we may see some profit booking at this point of time but overall market would remain bullish until it holds above 11728 for Nifty and 30927 for BankNifty.

Nifty:

BankNifty:

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FIIs were net sellers of Rs.0.71 crores whereas DIIs were net buyers of Rs.196.57 crores in cash market for last trading session. Nifty would see strong support at 11748-11700-11655-11614 whereas strong resistance would be seen 11883-11960-12041-12083 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

Stocks In F&O Ban Period: NIL.

NSE Nifty: (11842) The support for the Nifty is 11748-11700-11655-11614 and the resistance to the up move is at 11883-11960-12041-12083 levels.

NSE BankNifty: (31270) The support for BankNifty is at 31150-31067-30984-30920-30865-30815 and the resistance to the up move is at 31340-31405-31455-31500 levels.

BSE Sensex: (39586) The support for the Sensex is at 39465-39375-39240-39110 and the resistance to the up move is at 39645-39707-39815-39880 levels.

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