Market To Consolidate Until Nifty Breaks 10925-11058 Range
Last Trading Session: Indian Stock Market opened gap positive for the day exactly as predicted. EquityPandit predicted that market is still in negative zone but traders can initiate fresh long positions only if BankNifty closes above 27037. Indian Stock Market moved sharply positive and saw strong resistance right near EquityPandit’s predicted resistance levels of 11080 for Nifty. Market saw sharp profit booking at those levels and fell down sharply to close gap negative for the day. Nifty closed right at EquityPandit’s predicted support levels of 10980 like a dot.
Today: Indian Stock Market would open positive. Technically, Indian Stock Market is still in negative zone. Market is still consolidating and would enter into positive zone only if it closes above 11058 for Nifty and 27037 for BankNifty but until then traders can hold short positions in the market as suggested earlier. Once market closes above these levels, a sharp positive rally would be seen but until then traders can continue to hold short positions in the market. As of now Nifty is forming small Double Top pattern that suggest the target at 10815 levels if Nifty breaches 10925 on the downside by closing. Overall, market is consolidating and a range break of 10925-11058 for Nifty on closing basis is important for confirmation of the direction.
FIIs were net buyers of Rs.95.68 crores whereas DIIs were net buyers of Rs.111.01 crores in cash market for last trading session. Nifty would see strong support at 10947-10921-10880-10836 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: ABB India, Bajaj Finance, Bajaj Finserv, DB Corp, Hatsun Agro Products, Kotak Mahindra Bank, RBL Bank and Sterlite Technologies.
Stocks In F&O Ban Period: ADANIENT and ADANIPOWER.
NSE Nifty: (10980) The support for the Nifty is 10947-10921-10880-10836 and the resistance to the up move is at 11005-11060-11080-11139 levels.
NSE BankNifty: (26881) The support for BankNifty is at 26800-26721-26685-26600 and the resistance to the up move is at 27005-27075-27165-27240 levels.
BSE Sensex: (36373) 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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