Market To See Some Profit Booking But Initiate Short Only Below 13589 For Nifty

  • 3 months ago
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Last Trading Session: Indian Stock Market opened positive as predicted by EquityPandit. EquityPandit predicted that although the market is stretched but it’s still bullish and traders should continue to hold long positions until holds above 10510 and exactly the same happened. Indian Stock Market moved positive and saw highs right at EquityPandit’s predicted resistance levels of 13770 for Nifty and 30850 for BankNifty like a dot. Finally, Indian Stock Market closed flat with a positive bias for the day.

Market Today: Indian Stock Market would open negative. Technically, Indian Stock Market is still in a positive zone. Market would enter into a negative zone if it closes below 13589 for Nifty and 30391 for BankNifty. Market would continue to consolidate as it is over-stretched but traders should initiate fresh short positions only if the market closes below these levels. For now, the market would trade sideways and some profit booking would be seen but traders should not initiate short positions until the market holds above 13589 for Nifty and 30391 for BankNifty. Traders and Investors can analyze any stock themselves just in a few minutes at, a free but most powerful analysis tool by EquityPandit.


NIFTY Prediction - EquityPandit


BankNifty Prediction - EquityPandit

FIIs were net buyers of Rs.2720.95 crores whereas DIIs were net sellers of Rs.2424.61 crores in the cash market for the last trading session. Nifty would see strong support at 13655-13608-13550-13506 whereas strong resistance would be seen at 13808-13880-13945 levels. EquityPandit’s support and resistance levels always meet accuracy and hence traders are suggested to follow them for good profits.

NSE Nifty: (13761) The support for the Nifty is 13655-13608-13550-13506 and the resistance to the up move is at 13808-13880-13945.

NSE BankNifty: (30714) The support for BankNifty is 30515-30365-30240-30100 and the resistance to the up move is 30850-31035-31227-31380.

: (46961) The support for the Sensex today is 46715-46600-46506-46380 and the resistance to the up move is at 47075-47170-47280-47370 levels.


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