Market May See Some Profit Booking But Continue Long Until Nifty Holds Above 10591

Last Trading Session: Indian Stock Market opened positive as predicted by EquityPandit. EquityPandit predicted that the Indian Stock Market is overstretched but traders should continue to hold long positions until Nifty closes above 10438 for Nifty. Indian Stock Market moved sharply positive and finally, closed gap positive for the day.

Today: Indian Stock Market would open flat with a negative bias. Technically, Indian Stock Market is still in the positive zone. Analysis would remain the same. Market is over-stretched and may see some profit booking but traders can continue long positions until the market holds above 10591 for Nifty and 21670 for BankNifty by closing. Once the market closes below these levels, traders can initiate fresh short positions but for now traders can hold long positions.

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Nifty:

BankNifty:

Check the Trend Of Major Indices and Stocks

FIIs were net buyers of Rs.348.35 crores whereas DIIs were net buyers of Rs.263.47 crores in the cash market for the last trading session. Nifty would see strong support at 10745-10685-10600-10540  whereas strong resistance would be seen at at 10835-10880-10945-10980 levels. EquityPandit’s support and resistance levels always meet accuracy and hence traders are suggested to follow them for good profits.

NSE Nifty: (10764) The support for the Nifty is 10745-10685-10600-10540 and the resistance to the up move is at 10835-10880-10945-10980.

NSE BankNifty: (22199) The support for BankNifty is 22000-21925-21815-21675 and the resistance to the up move is 22385-22545-22745-22850.

BSE Sensex: (36487) The support for the Sensex 36370-36245-36025-35870 and the resistance to the up move is at 36518-36712-36888-37037 levels.

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