Market To See Some Profit Booking, Initiate Short If Nifty Closes Below 10001 Levels

Last Trading Session: Indian Stock Market opened positive as predicted. EquityPandit predicted that the market would still consolidate but traders should hold long positions for now and should initiate short positions only if Nifty closes below 10001 levels for Nifty. Indian Stock Market managed to hold above EquityPandit’s predicted reversal levels of 10001 and moved sharply positive. Finally, Indian Stock Market closed the gap positive for the day.

Today: Indian Stock Market would open negative. Technically, Analysis would still remain the same. Nifty is still in the positive zone whereas BankNifty is still in the negative zone. The Nifty would enter into a negative zone once it closes below 10001 levels whereas BankNifty would enter into a positive zone once it closes above 21580. Further direction would be confirmed only once any of these two happens. Traders can add long positions if BankNifty closes above 21580 as closing above these levels would induce further buying in BankNifty whereas fresh short positions should be initiated once Nifty closes below 10001 levels. This is the Best Time To Invest In 12 Multibagger Stocks discovered by Equitypandit that would create huge wealth for Investors. Grab This Report at https://equitypandit.com/covid-multibagger/

Nifty:

BankNifty:

Check the Trend Of Major Indices and Stocks

FIIs were net sellers of Rs.919.26 crores whereas DIIs were net buyers of Rs.500.70 crores in the cash market for the last trading session. Nifty would see strong support at 10037-9980-9933-9903 whereas strong resistance would be seen at 10185-10275-10396-10440 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: Dixon Technologies, EID Parry, KNR Construction, KSB, Redington India, Shriram City Union Finance, Sundram Fasteners, Take Solutions and Westlife Development.

NSE Nifty: (10116)  The support for the Nifty is 10037-9980-9933-9903 and the resistance to the up move is at 10185-10275-10396-10440 levels.

NSE BankNifty: (21100) The support for BankNifty is 20878-20745-20620-20545-19935 and the resistance to the up move is 21240-21465-21715-21862-22000 levels.

BSE Sensex: (34247) The support for the Sensex 34037-34815-33678-33530 and the resistance to the up move is at 34465-34725-34888-35065 levels.

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