Market Overstretched, Stay Cautious And Hedge Your Long Positions To Protect Profits

Last Trading Session: Indian Stock Market opened positive for the day. EquityPandit predicted that market is at record highs and trend is still bullish. Indian Stock Market moved sharply positive and saw highs right at EquityPandit’s predicted 12240 for Nifty like a dot. Traders, who followed EquityPandit’s advice to hold long positions might have earned good profits for the day. Finally, Indian Stock Market closed gap positive for the day.

Today: Indian Stock Market would open flat. Technically, analysis would still remain same and Indian Stock Market is still in positive zone. Market is consolidating and is ready for a big breakout from the range that can be seen through the narrowing Bollinger Bands in below given Nifty and BankNifty charts. Some profit booking could be witnessed due to overstretched market and lower volumes during holiday season but overall, market would be considered bullish until it holds above 12092 for Nifty and 31780 for BankNifty and traders should continue to hold long positions for now.

Nifty:

BankNifty:

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FIIs were net buyers of Rs.1836.81 crores whereas DIIs were net sellers of Rs.1267.57 crores in cash market for last trading session. Nifty would see strong support at 12165-12125-12105-12070-12035 whereas strong resistance would be seen at 12240-12270-12310 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (12222) The support for the Nifty is 12165-12125-12105-12070-12035 and the resistance to the up move is at 12240-12270-12310 levels.

NSE BankNifty: (32244) The support for BankNifty is 32175-32110-32035-31940 and the resistance to the up move is 32285-32380-32470 levels.

BSE Sensex: (41559) The support for the Sensex is 41440-41350-41270-41180 and the resistance to the up move is at 40600-41660-41740-41800 levels.

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