Market Would React To The Attack On Saudi Oil Plant, Profit Booking Would Be Seen

Last Trading Session: Indian Stock Market opened positive as predicted. EquityPandit predicted that Indian Stock Market is still bullish and traders should hold long positions for now or buy more at dips and exactly same happened. Indian Stock Market moved sharply positive and finally, managed to close gap positive for the day. Nifty closed right at EquityPandit’s predicted resistance levels of 11078 like a dot.

Today: Indian Stock Market would open negative. Technically, Indian Stock Market is still in positive zone. Nifty saw highs right at the neckline of the Inverse Head and Shoulder Pattern. Nifty needs to breach those levels with high volumes to confirm the breakout. Market can see sharp profit booking if it is not able to breach the neckline with volumes. Crude prices would jump after drone attack on Saudi oil plant and would also affect Indian Stock Market. Indian market would also remain very volatile. Traders should trade cautiously. Traders can book profits in long positions and could enter again either lower levels or once Nifty breaches the Neckline resistance as mentioned in the charts below.

Nifty:

BankNifty:

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FIIs were net sellers of Rs.405.45 crores whereas DIIs were net buyers of Rs.209.56 crores in cash market for last trading session. Nifty would see strong support at 11024-11000-10980-10947 whereas strong resistance would be seen at 11139-11175-11200-11215 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: (11076) The support for the Nifty is 11024-11000-10980-10947 and the resistance to the up move is at 11139-11175-11200-11215 levels.

NSE BankNifty: (28099) The support for BankNifty is 27960-27840-27760 and the resistance to the up move is 28180-28275-28380-28540 levels.

BSE Sensex: (37385) The support for the Sensex is 37270-37165-37110-37072-36980 and the resistance to the up move is at 37425-37530-37585-37660 levels.

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