Initiate Long Only If Nifty Closes Above 11453 Until Then Go Short At Rally
Last Trading Session: Indian Stock Market opened positive for the day. EquityPandit predicted that Nifty entered into negative zone but some short covering rally would be seen in the market as market has created gap in the trading session, a day before. EquityPandit also predicted that market would resume positive momentum only if it closes above 11453 levels but until then every positive movement would be an opportunity for traders to go short in the market and exactly same happened. Indian Stock Market moved sharply positive but saw highs right at EquityPandit’s predicted levels of 11453 like a dot. Finally, Indian Stock Market closed gap positive for the day.
Today: Indian Stock Market would open negative. Technically, Indian Stock Market is still in negative zone. EquityPandit predicted earlier that every positive movement would be an opportunity for traders to go short in the market until Nifty closes above 11453 levels and same is still valid. Traders who went short on EquityPandit’s advice near 11453 for Nifty would get a good opportunity today to book profits. Market would see some profit booking today and traders can go short in the market with stoploss above 11453 levels for Nifty on closing basis. If market manages to close above 11453 for Nifty and 28124 for BankNifty then market would enter into positive zone again and in that case traders can close all short positions and initiate fresh long positions but until then every positive movement would be a short opportunity.
FIIs were net sellers of Rs.378.84 crores whereas DIIs were net buyers of Rs.391.47 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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Stocks In F&O Ban Period: ADANIENT, ADANIPOWER, JETAIRWAYS and PNB.
NSE Nifty: (11435) The support for the Nifty is 11380-11360-11300 and the resistance to the up move is at 11465-11500 levels.
NSE BankNifty: (28022) The support for BankNifty is at 27960-27840-27760-27690 and the resistance to the up move is at 28075-28275-28360 levels.
BSE Sensex: (37852) The support for the Sensex is at 37785-37640-37585-37430 and the resistance to the up move is at 37935-38000-38075-38140 levels.
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