Initiate Fresh Short If Market Closes Below 10556 For Nifty And 25528 For BankNifty
Last Trading Session: Indian Stock Market opened flat with positive bias for the day. EquityPandit predicted that market is still in positive zone but traders should hold long positions until it manages to hold 10556 for Nifty and 25528 levels for BankNifty on closing basis and exactly same happened. Indian Stock Market saw highs right near EquityPandit’s predicted resistance levels of 10652 for Nifty and fell down from there sharply to see lows right near EquityPandit’s predicted support levels of 10598. BankNifty also saw lows right near EquityPandit’s predicted reversal levels of 25528 like a dot and rebounded from there. Finally, Indian Stock Market closed flat for the day.
Today: Indian Stock Market would open negative. Indian Stock Market is still in positive zone. Technically, market would see reversal if it closes below 10556 for Nifty and 25528 for BankNifty. Traders can initiate fresh short positions if market manages to close below these levels. Now, Nifty needs to close above 10660 to negate the bearish indicators and enter into a fresh positive trend. Until then, traders can wait for the confirmation. TCS and IndusInd Bank would disclose its quarterly result today and would affect the direction of Indian Stock Market.
FIIs were net seller of Rs.572.26 crores whereas DIIs were net buyers of Rs.600.24 crores in cash market for last trading session. Nifty would see strong support at 10598-10558-10520 whereas strong resistance would be seen at 10660-10680-10705-10718 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
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Stocks In F&O Ban Period: FORTIS, GMRINFRA, HDIL, IFCI, JETAIRWAYS, JISLJALEQS, JPASSOCIAT, RCOM, RELCAPITAL, RPOWER and WOCKPHARMA.
Important Q3 Results To Be Disclosed Today: Bajaj Corp, IndusInd Bank, Shree Cement and TCS.
NSE Nifty: (10632) The support for the Nifty is 10598-10558-10520 and the resistance to the up move is at 10660-10680-10705-10718 levels.
NSE BankNifty: (25617) The support for BankNifty is at 25556-25528-25500-25400 and the resistance to the up move is at 25772-25862-25925-26000 levels.
BSE Sensex: (34433) The support for the Sensex is at 34300-34216-34066 and the resistance to the up move is at 34488-34516-334565-34660 levels.
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