Profit Booking Would Be Seen But Initiate Short Only If Nifty Closes Below 11275
Last Trading Session: Indian Stock Market opened flat for the day. EquityPandit predicted market would consolidate for now but traders should continue to hold long positions until Nifty holds above 11217 and exactly same happened. Indian Stock Market opened positive and saw sharp profit booking. Finally, Indian Stock Market closed flat with negative biased for the day.
Today: Indian Stock Market would open negative. Technically, Indian Stock Market is still in positive zone. Now market is consolidating and some profit booking can’t be ruled out at this point of time. Traders can hold long positions until market holds above 11275 levels for Nifty and 27476 levels for BankNifty. Traders can initiate fresh short positions only if Nifty closes below these reversal levels. Nifty needs to breach levels of 11391 levels with volumes to resume its positive momentum but until then market would continue to see suggishness and traders should remain cautious.
FIIs were net sellers of Rs.2768.75 crores whereas DIIs were net buyers of Rs.3845.87 crores in cash market for last trading session. Nifty would see strong support at 11300-11260-11230-11200 whereas strong resistance would be seen 11365-11405-11445 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: Capital First, GE Power, GIC Housing Finance, Godrej Properties, Indiabulls Housing Finance, JK Lakshmi Cement, Mahindra Holidays, Manpasand Beverages, Marico, MOIL, ONGC, Pfizer, Ramco Cements, Time Technoplast and Torrent Pharmaceuticals.
Stocks In F&O Ban Period: NIL.
NSE Nifty: (11346) The support for the Nifty is 11300-11260-11230-11200 and the resistance to the up move is at 11365-11405-11445 levels.
NSE BankNifty: (27597) The support for BankNifty is at 27420-27340-27265 and the resistance to the up move is at 27661-27740-27780-27880 levels.
BSE Sensex: (37522) The support for the Sensex is at 37430-37340-37290-37230 and the resistance to the up move is at 37660-37740-37880 levels.
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