Market Would See Some Profit Booking At Higher Levels After A Positive Opening

Last Trading Session: Indian Stock Market opened flat with negative bias. EquityPandit predicted that market would continue to consolidate and traders are still suggested to hold long positions for now and same happened. Indian Stock Market moved positive but finally closed flat for the day. BankNifty closed gap negative for the day.

Today: Indian Stock Market would open positive. Reliance Industries had posted excellent results. Technically, BankNifty has entered into negative zone whereas Nifty and Sensex are still in positive zone. Now market would open positive but may continue to consolidate for now. Traders should wait for any trade until either Nifty enters into negative zone by closing below 12248 or else BankNifty enters into positive zone by closing above 32049. For now, traders can hold with cash in hand and intraday traders can go short around 12400 with stoploss of 12450 as we are expecting some profit booking at higher levels after a positive opening.

Nifty:

BankNifty:

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FIIs were net buyers of Rs.264.26 crores whereas DIIs were net sellers of Rs.500.17 crores in cash market for last trading session. Nifty would see strong support at 12320-12300-12284-12230 whereas strong resistance would be seen at 12380-12440-12500 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (12352) The support for the Nifty is 12320-12300-12284-12230 and the resistance to the up move is at 12380-12440-12500 levels.

NSE BankNifty: (31591) The support for BankNifty is 31500-31380-31340-31270 and the resistance to the up move is 31685-31750-31800-31880-31940 levels.

BSE Sensex: (41945) The support for the Sensex is 41880-41800-41720-41650 and the resistance to the up move is at 42035-42075-42110-42240 levels.

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