Market To See Profit Booking But Initiate Short Positions Only If Nifty Closes Below 10638

Last Trading Session: Indian Stock Market opened positive as predicted by EquityPandit. EquityPandit predicted that the market would consolidate in the 10616-10850 range and exactly the same happened. Market moved sharply positive and saw highs right at EquityPandit’s predicted resistance levels of 10835 for Nifty like a dot. Finally, Indian Stock Market closed the gap positive for the day but remained within the predicted range.

Today: Indian Stock Market would open negative. Technically, Indian Stock Market is still in the positive zone. Market would enter into a negative zone only if it closes below 10638 for Nifty and 22305 for BankNifty but until then the market would be considered bullish. BankNifty if breaches levels of 23080 then we would see a sharp positive rally. For now, traders should hedge all their long positions until the range is breached as the market is overstretched and the risk of profit booking would always be there. But traders should initiate fresh short positions only if the market closes below 10638 for Nifty and 22305 for BankNifty.

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Nifty:

BankNifty:

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FIIs were net buyers of Rs.212.77 crores whereas DIIs were net sellers of Rs.803.39 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.

Important Results To Be Disclosed Today: Future Consumer, Gujarat Narmada Valley Fertilizers, IRCTC, Ircon International Ltd, Karnataka Bank and SAIL.

NSE Nifty: (10813) 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: (22907) The support for BankNifty is 22700-22500-22375-22240 and the resistance to the up move is 23080-23240-23440-23605.

BSE Sensex: (36738) The support for the Sensex 36645-36450-36370-36245 and the resistance to the up move is at 36888-37037-37110-37240 levels.

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