Continue To Hold Short Positions Until Nifty Breaches 11058
Last Trading Session: Indian Stock Market opened positive exactly as predicted. EquityPandit predicted that market is still in negative zone but would continue to consolidate until Nifty breaks 10925-11058 range and exactly same happened. Indian Stock Market moved sharply positive and saw highs right at EquityPandit’s predicted resistance levels of 11005 like a dot. Market fell sharply from there and saw lows right at EquityPandit’s predicted support levels of 36280 for Sensex like a dot. Finally, Indian Stock Market consolidated and managed to close flat for the day with negative bias.
Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still in negative zone. Market is still in negative trend and reversal would only be seen if it manages to close above 11058 for Nifty and 27037 for BankNifty but until then every positive movement would be an opportunity for traders to go short in the market. Traders should continue to hold short positions in the market for now. As stated yesterday, Nifty is forming a Double Top pattern and could see levels of 10825 if it manages to breach 10925 with volumes. Fresh long positions should be initiated only if market manages to close above EquityPandit’s predicted reversal levels but until then traders should not think of going long in this market.
FIIs were net sellers of Rs.315.69 crores whereas DIIs were net buyers of Rs.470.02 crores in cash market for last trading session. Nifty would see strong support at 10921-10880-10836-10800 whereas strong resistance would be seen 11005-11060-11080-11139 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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Important Q1 results to be disclose today: Atul Ltd, Bajaj Auto, Bajaj Holdings & Investments, Bata India, CEAT, Havells India, HDFC Standard Life Insurance Company, Just Dial, Kansai Nerolac Paints, L&T Finance Holdings, MCX and Wipro.
Stocks In F&O Ban Period: ADANIENT and ADANIPOWER.
NSE Nifty: (10957) The support for the Nifty is 10921-10880-10836-10800 and the resistance to the up move is at 11005-11060-11080-11139 levels.
NSE BankNifty: (26790) The support for BankNifty is at 26721-26685-26600-26500 and the resistance to the up move is at 26922-27005-27075-27165 levels.
BSE Sensex: (36351) The support for the Sensex is at 36280-36214-36100-36065 and the resistance to the up move is at 36450-36540-36660-26700 levels.
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