Market Overstretched But Still Bullish, Continue Long Until Nifty Holds 10438

Last Trading Session: Indian Stock Market opened positive as predicted by EquityPandit. EquityPandit predicted that the market is stretched but traders should continue to hold long positions until 10375 holds for Nifty and exactly the same happened. Indian Stock Market moved sharply positive for the day. Finally, Indian Stock Market closed gap positive below EquityPandit’s predicted resistance levels of 10616.

Today: Indian Stock Market would open positive. Technically, Indian Stock Market is still in the positive zone. Indian Market is still bullish but overstretched now. Traders should remain cautious at this point of time and hedge all long positions with proper options. Market would enter into a negative zone only if it closes below 10438 for Nifty and 21446 for BankNifty. If that happens then traders can close all long positions and initiate fresh short positions in the market but until then traders should continue to hold hedged long positions.

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Nifty:

BankNifty:

Check the Trend Of Major Indices and Stocks

FIIs were net buyers of Rs.857.29 crores whereas DIIs were net sellers of Rs.331.96 crores in the cash market for the last trading session. Nifty would see strong support at 10540-10485-10440-10390  whereas strong resistance would be seen at at 10616-10695-10751 levels. EquityPandit’s support and resistance levels always meet accuracy and hence traders are suggested to follow them for good profits.

NSE Nifty: (10607) The support for the Nifty is 10540-10485-10440-10390 and the resistance to the up move is at 10616-10695-10751.

NSE BankNifty: (21852) The support for BankNifty is 21675-21440-21270 and the resistance to the up move is 22035-22135-22385-22545.

BSE Sensex: (36021) The support for the Sensex 35870-35630-35440-35270 and the resistance to the up move is at 36170-36340-36518-36712 levels.

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