Market Stretched But Still Bullish For Now, Hold Long Positions

Last Trading Session: Indian Stock Market opened flat with positive bias. EquityPandit predicted that Nifty forms DOJI but the market is still bullish until 20906 holds for Nifty and 10097 for Nifty and traders should continue to hold long positions or go long at dips. EquityPandit also predicted that fresh buying would be seen if BankNifty manages to hold above 22000 levels and exactly the same happened. Indian Stock Market moved sharply positive and saw highs right near EquityPandit’s predicted resistance levels of 35480 for Sensex. Traders who followed the advice might have earned huge profits for the day. Finally, Indian Stock Market closed the gap positive for the day. BankNifty closed right below EquityPandit’s predicted resistance levels of 22270.

Today: Indian Stock Market would open flat with negative bias. Technically, Indian Stock Market is still in a positive zone. Although the market now looks stretched, there is some more room for upward in BankNifty. BankNifty looks strong as of now and can even touch 23000 in upcoming days. Market would enter into a negative zone only if it closes below 10147 for Nifty and 21128 for BankNifty. Until then traders should continue to hold long positions in the market. BankNifty would now see immediate support near 22000 levels. Profit booking can be seen in the market but for now it would be considered as an opportunity to add long positions.

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Nifty:

BankNifty:

Check the Trend Of Major Indices and Stocks

FIIs were net buyers of Rs.168.96 crores whereas DIIs were net buyers of Rs.454.48 crores in the cash market for the last trading session. Nifty would see strong support at 10390-10270-10235-10165 whereas strong resistance would be seen at 10505-10545-10616-10695 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: Balmer Lawrie & Company, BBTC, Canara Bank, Esab India, Future Consumer, Gail (India), GIC, India Cements, Indian Oil Corporation, Indoco Remedies, PNC Infratech, Power Finance Corporation, Rail Vikas Nigam and United Breweries.

NSE Nifty: (10471) The support for the Nifty 10390-10270-10235-10165 and the resistance to the up move is at 10505-10545-10616-10695.

NSE BankNifty: (22265) The support for BankNifty is 22000-21925-21815-21675 and the resistance to the up move is 22385-22545-22745-22850 levels.

BSE Sensex: (35430) The support for the Sensex 35270-35105-35025-34875 and the resistance to the up move is at 35670-35880-36065-36170  levels.

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