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Market To See New Record Highs, Close All Short and Initiate Fresh Long Positions

Published 06-08-2018, 08:35 am
Updated 09-07-2023, 04:02 pm
NSEI
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NSEBANK
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ADAN
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BRIT
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DENA
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GRPH
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MNSN
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APSE
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NAAL
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SBNK
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BSESN
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Last Trading Session: Indian Stock Market opened positive for the day. EquityPandit predicted that market would see some positive rally but traders can go short at rally until it holds below 11361 for Nifty 50 and 27687 levels for Nifty Bank. Indian Stock Market saw a sharp positive rally and BankNifty entered into positive zone. Finally, Indian Stock Market closed gap positive for the day. Nifty closed right at EquityPandit’s predicted reversal levels of 11361 like a dot.

Today: Indian Stock Market would open positive. Technically, BankNifty has entered into the positive zone and Nifty closed right at EquityPandit’s predicted reversal levels of 11361 in last trading session. The market is in bull grip and traders can go long in the market. The V-shaped bounce in the market clearly suggests that bulls are not ready to give up and the market would continue to see positive momentum. Once Nifty closes above 11361, market would see the sharp rally and a new record high in days to come. Traders can close all short positions and should initiate fresh long positions. Every dip in the market would be an opportunity for traders to go long. Traders can take long positions home if Nifty closes above 11361 levels.

FIIs were net sellers of Rs.5.87 crores whereas DIIs were net buyers of Rs.87.08 crores in cash market for last trading session. Nifty would see strong support at 11300-11260-11230-11200 whereas strong resistance would be seen at 11365-11405-11445-11470 levels. Since EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

Important Q1 results to be disclosed today: Adani (NS:APSE) Ports, Adani Power (NS:ADAN), Arvind, Avanti Feeds, Britannia Industries (NS:BRIT), Caplin Point Lab, Dena Bank (NS:DENA), First Source, Solutions, Graphite India (NS:GRPH), Max Financial Services, Monsanto India (NS:MNSN), Nava Bharat Ventures (NS:NABV), Omaxe, Parag Milk, Syndicate Bank (NS:SBNK), Ujjivan Financial Services and Vinati Organics.

Stocks In F&O Ban Period: ADANIPOWER and JETAIRWAYS.

NSE Nifty: (11361) The support for the Nifty is 11300-11260-11230-11200 and the resistance to the up move is at 11365-11405-11445-11470 levels.

NSE BankNifty: (27696) The support for BankNifty is at 27565-27450-27340-27280 and the resistance to the up move is at 27780-27880-28000 levels.

BSE Sensex: (37556) The support for the Sensex is at 37430-37340-37290-37230 and the resistance to the up move is at 37660-37740-37880 levels.

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