Market Generating Bearish Momentum, Go Short If Nifty Closes Below 10775
Last Trading Session: Indian Stock Market opened flat for the day. EquityPandit predicted that traders should go short only if Nifty closes below 10775 and until then market would continue to consolidate and exactly same happened. Indian Stock Market remained rangebound throughout the day. Market moved between Equitypandit’s predicted support and resistance of 10775 and 10835 respectively for Nifty. Finally, Indian Stock Market closed flat with negative bias for the day. Nifty closed right at EquityPandit’s predicted support levels of 10800 like a dot.
Today: Indian Stock Market would open gap negative. Technically, analysis would still remain same. Nifty is still in positive zone whereas BankNifty is in negative zone. US-China trade tension is lingering across all global stock markets. Nifty would enter into negative zone if it closes below 10775. Market tone is bearish and traders can initiate fresh short positions if Nifty closes below 10775 levels but until then traders should remain cautious.
FIIs were net sellers of Rs.754.43 crores whereas DIIs were net buyers of Rs.824.10 crores in cash market for last trading session. Nifty would see strong support at 10775-10755-10722-10700 whereas strong resistance would be seen 10835-10880-10906-10975 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: DHFL, INFIBEAM, JETAIRWAYS and JUSTDIAL.
NSE Nifty: (10800) The support for the Nifty is 10800-10775-10722-10700 and the resistance to the up move is at 10835-10880-10906-10975 levels.
NSE BankNifty: (26409) The support for BankNifty is at 26320-26280 and the resistance to the up move is at 26590-26681-26715-26800 levels.
BSE Sensex: (35548) The support for the Sensex is at 35500-35480-35380-35260 and the resistance to the up move is at 35660-35750-35880-35970 levels.
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