Market In Uptrend Until Nifty Holds Above 10606, Initiate Short If Close Below 10606

Last Trading Session: Indian Stock Market opened flat for the day. EquityPandit predicted that the market would see some profit booking but traders should continue long positions until Nifty holds above 10591 and exactly the same happened. Indian Stock Market saw sharp profit booking and saw low right near EquityPandit’s predicted support levels of 10685 for Nifty like a dot. Market recovered sharply from there as predicted and finally, managed to close positive for the day.

Today: Indian Stock Market would open flat with a positive bias. Technically, Indian Stock Market is still in the positive zone. Market has formed a Dragonfly Doji pattern that is normally formed at the bottom of the trend and suggests a reversal of the trend but if formed at highs it suggests indecisiveness. So, if the market manages to hold above 10815 for Nifty then we may see further positive rally. If the market doesn’t hold above 10815 then we may see some sharp profit booking in upcoming days. As per the reversal levels are concerned, the market would enter into a negative zone once it closes below 10606 for Nifty and 21799 for BankNifty. Traders can initiate fresh short positions if the market closes below these levels and until then the trade is to hold long positions with proper hedging.

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Nifty:

BankNifty:

Check the Trend Of Major Indices and Stocks

FIIs were net buyers of Rs.829.90 crores whereas DIIs were net sellers of Rs.784.47 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: (10800) 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: (22628) The support for BankNifty is 22375-22240-22000-21925 and the resistance to the up move is 22745-22850-23035-23170.

BSE Sensex: (36675) The support for the Sensex 36450-36370-36245-36025 and the resistance to the up move is at 36712-36888-37037-37110 levels.

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