Initiate Short Positions If Market Closes Below 10310 For Nifty and 25660 For BankNifty
Last Trading Session: Indian Stock Market opened positive as per EquityPandit’s predictions. EquityPandit predicted that market is still in positive zone but would see sideways movement in a rangebound region of 10310-10410 for Nifty and exactly same happened. Indian Stock Market moved sharply positive but was not able to sustain higher levels and hence fell down sharply. Finally, Indian Stock Market closed negative for the day. Nifty closed right above EquityPandit’s predicted support levels of 10360 like a dot.
Today: Indian Stock Market would open gap negative for the day on the fall of Australian Banks. Technically, Indian Stock Market is still in positive zone but would enter into negative zone once it closes below 10310 for Nifty and 25660 for BankNifty spot levels. Today is F&O Expiry and huge volatility would be seen in the market. Traders can close all long positions and initiate fresh short positions if Nifty managed to close below 10310 spot levels. Until then traders can continue to hold long positions. Market has been consolidating for long and now we can expect a sharp breakout from the range in either direction. Closing above 10410 would induce buying in the market and closing below 10310 would generate sharp selling pressure in the market.
FIIs were net sellers of Rs.859.27 crores whereas DIIs were net buyers of Rs.771.07 crores in cash market for last trading session. Nifty would see strong support at 10340-10300-10260 whereas strong resistance would be seen at 10410-10452-10490-10505 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
Click Here to Check the Trend Of Major Indices and Stocks
Stocks In F&O Ban Period: DHFL, GMRINFRA, INFIBEAM, JSWENERGY, JPASSOCIAT, ORIENTBANK, RCOM and TV18BRDCST.
NSE Nifty: (10361) The support for the Nifty is 10340-10300-10260 and the resistance to the up move is at 10410-10452-10490-10505 levels.
NSE BankNifty: (25796) The support for BankNifty is at 25745-25665-25598-25500 and the resistance to the up move is at 25880-25955-26000-26060 levels.
BSE Sensex: (33603) The support for the Sensex is at 33575-33500-33435-33340 and the resistance to the up move is at 33745-33865-33940 levels.
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