Nifty Enters Negative Zone, Close Above 11453 Would Resume Positive Momentum
Last Trading Session: Indian Stock Market opened negative exactly as predicted. EquityPandit predicted that Market would see further correction and traders should initiate short positions if Nifty closes below 11392. EquityPandit also predicted that Nifty would slide further towards 11340 and exactly same happened. Indian Stock Market fell down sharply and saw lows right at EquityPandit’s predicted targets of 11340 like a dot. Finally, Indian Stock Market closed gap negative for the day. Sensex also closed right above EquityPandit’s predicted support levels of 37640 like a dot.
Today: Indian Stock Market would open flat. Technically, Indian Stock Market including Nifty, BankNifty and Sensex have entered into negative zone. Now traders can hold short positions or go short at every positive rally until market holds below 11453 for Nifty and 28124 for BankNifty. Market has created a gap in the trend after yesterday movement and may see see some short covering to fill that gap but it would resume positive momentum only if it closes above 11453 for Nifty and 28124 for BankNifty. Until then every positive movement would be an opportunity to short in the market. Turkey crises still continues and Nifty can slide towards 11300 levels or even lower if it breaches 11340 levels on downside.
FIIs were net sellers of Rs.971.86 crores whereas DIIs were net buyers of Rs.216.29 crores in cash market for last trading session. Nifty would see strong support at 11340-11300-11260-11230 whereas strong resistance would be seen 11376-11409-11445-11470 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: Allahabad Bank, Cox & Kings, Dilip Buildcon, Finolex Cables, GMR Infrastructure, Grasim Industries, Gujarat Fluorochemicals, La Opala, MMTC, Navkar Corporation, NLC India, Rain Industries, Rajesh Exports, Shankara Building Products, Sun Pharma, and Suven Life Sciences.
Stocks In F&O Ban Period: ADANIENT, ADANIPOWER, JETAIRWAYS and PNB.
NSE Nifty: (11356) The support for the Nifty is 11340-11300-11260-11230 and the resistance to the up move is at 11376-11409-11445-11470 levels.
NSE BankNifty: (27794) The support for BankNifty is at 27690-27565-27450-27340 and the resistance to the up move is at 27880-28000-27075-28275 levels.
BSE Sensex: (37645) The support for the Sensex is at 37550-37430-37340-37290 and the resistance to the up move is at 37740-37880-38000-38075 levels.
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