Market To See Further Correction, Initiate Short If Nifty Closes Below 11392
Last Trading Session: Indian Stock Market opened flat for the day. Last week, EquityPandit predicted that market would see new record highs. EquityPandit also predicted that traders should close all short positions and initiate fresh long positions and exactly same happened. Indian Stock Market moved sharply positive and saw new record highs near 11500 for Nifty. Finally, market eased in last two trading sessions and closed negative on the last trading session.
Today: Indian Stock Market would open negative. Technically, Indian Stock Market is still in positive zone but it would see further profit booking today on Turkey Trade concerns. Indian Stock Market would enter into negative zone if it closes below 11392 for Nifty and 27974 for BankNifty. Market would resume its positive momentum only if Nifty managed to breach the recent resistance of 11500 but until then some sharp correction can be seen and market can slide further towards 11375-11340 for Nifty on intraday basis. Traders can close all long positions if market closes below EquityPandit’s predicted reversal levels but until then traders should remain cautious and wait for confirmation.
FIIs were net sellers of Rs.510.66 crores whereas DIIs were net buyers of Rs.457.83 crores in cash market for last trading session. Nifty would see strong support at 11380-11360-11300 whereas strong resistance would be seen 11465-11500 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: Abbott India, Ashoka Buildcon, Cadila Healthcare, CARE Ratings, Centrum Capital, DHFL, Godrej Industries, Greaves Cotton, IL&FS Transportation, ITDC, ITI, Jai Corp, Oil India, Repco Home Finance, Shilpa Medicare, Sonata Software, Tata Chemicals and Tata Steel Ltd.
Stocks In F&O Ban Period: ADANIENT, ADANIPOWER, JETAIRWAYS and PNB.
NSE Nifty: (11430) The support for the Nifty is 11380-11360-11300 and the resistance to the up move is at 11465-11500 levels.
NSE BankNifty: (28124) The support for BankNifty is at 28075-28000-27960-27840-27760 and the resistance to the up move is at 28275-28360-28400 levels.
BSE Sensex: (37869) The support for the Sensex is at 37785-37640-37585-37430 and the resistance to the up move is at 38000-38075 levels.
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