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Nifty Approaching 10000, Traders Should Be Cautious Of Profit Booking

By Abhishek ParakhStock MarketsJul 17, 2017 10:31
in.investing.com/analysis/nifty-approaching-10000,-traders-should-be-cautious-of-profit-booking-200196360
Nifty Approaching 10000, Traders Should Be Cautious Of Profit Booking
By Abhishek Parakh   |  Jul 17, 2017 10:31
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Last Trading Session: Indian Stock Market opened flat with positive bias. EquityPandit predicted that Nifty is entering its major resistance zone of 9900-10000. EquityPandit also predicted that though next logical target for Nifty is at 9915 but profit booking can’t be ruled out once Nifty enters 9900-10000 zone and exactly same happened. Nifty saw highs right near EquityPandit’s predicted target of 9915 and fell down sharply on profit booking. Finally, Indian Stock Market recovered from EquityPandit’s predicted support levels of 9850 and closed flat for the day. BankNifty and Sensex also saw day highs right at EquityPandit’s predicted resistance levels of 23965 and 32110 like a dot.

Today: Indian Stock Market to open positive. Technically, Indian Stock Market is still in positive zone and analysis would remain same. Indian Stock Market is still in positive momentum but we would keep witnessing profit booking in 9900-10000 zone until a decisive breakout is seen from this resistance zone on closing basis. Next logical targets for Nifty is at 9915-9925-9950 but traders should remain cautious as all indices including Nifty, BankNifty and Sensex has developed Hanging Man Candlestick pattern with Stochastic Indicator in overbought region and this suggest that market is near its highs where it can possibly reverse. Nifty would see reversal below 9807 levels on closing basis but bulls would lose their control once Nifty breaches 9845 levels. Traders and investors are suggested not to make any fresh buying position at this point of time as all eyes are on 10000 mark for Nifty and market may see profit booking at every upmove until a decisive breakout is seen from 10000 levels.

FIIs were net buyers of Rs.673.56 crores whereas DIIs were net sellers of Rs.136.27 crores in cash market for last trading session. Nifty would see strong support at 9850-9807-9778 whereas strong resistance would be seen at 9918-9930-9950-9970 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

Important Results To Be Disclosed Today: ACC (NS:ACC), Jubilant Foodworks (NS:JUBI) and Linde India (NS:LIND) Ltd.

NSE Nifty: (9886) The support for the Nifty is 9850-9807-9778 and the resistance to the up move is at 9918-9930-9950-9970 levels.

NSE BankNifty: (23938) The support for BankNifty is at 23800-23740-23660-23500 and the resistance to the up move is at 23965-24090-24180-24270 levels.

BSE Sensex: (32021) The support for the Sensex is at 31940-31880-31718-31660 and the resistance to the up move is at 32088-32110-32180-32240 levels.

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Nifty Approaching 10000, Traders Should Be Cautious Of Profit Booking
 

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Nifty Approaching 10000, Traders Should Be Cautious Of Profit Booking

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Varun Sharma
Varun Sharma Jul 19, 2017 13:48 GMT
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Nice post
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