Profit Booking Expected But Continue Long Until Nifty Holds Above 10655 By Closing

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Abhishek Parakh
http://www.equitypandit.com/

Last Trading Session: Indian Stock Market opened positive positive. EquityPandit predicted that Indian Stock Market would continue to move positive in days to come and exactly same happened. Indian Stock Market moved sharply positive and finally managed to close gap positive for the day.

Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still in positive zone but now it looks that market would see some profit booking at this point of time. Market would see sideways movement after couple of positive days. Traders can continue to hold long positions until Nifty closes below 10655 and BankNifty closes below 25222. Initiate short positions only if market closes below these levels.

FIIs were net sellers of Rs.385.47 crores whereas DIIs were net buyers of Rs.261.98 crores in cash market for last trading session. Nifty would see strong support at 10700-10675-10645-10600 whereas strong resistance would be seen 10767-10803-10840-10880 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

Stocks In F&O Ban Period: PCJEWELLER.

Important Companies To Disclose Its Q4 Results Today: Ajanta Pharma Ltd, Century Textiles (NS: CNTY ), HCL Technologies (NS: HCLT ), Hero MotoCorp (NS: HROM ), Interglobe Aviation, Kannsai Nerolac Paints, Marico (NS: MRCO ), Siemens (NS: SIEM ), Tata Power and Welspun Corp (NS: WGSR ).

NSE Nifty: (10739) The support for the Nifty is 10700-10675-10645-10600 and the resistance to the up move is at 10767-10803-10840-10880 levels.

NSE BankNifty: (25532) The support for BankNifty is at 25450-25400-25318-25245 and the resistance to the up move is at 25570-25660-25735-25862 levels.

BSE Sensex : (35160) The support for the Sensex is at 35000-34970-34850-34700 and the resistance to the up move is at 35180-35270-35380-35440-35507 levels.

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