Market To See Further Bounce But Initiate Long Only If Nifty Closes Above 11573
Last Trading Session: Indian Stock Market opened positive for the day. EquityPandit predicted that market to see a bounce back and exactly same happened. Indian Stock Market consolidated after a positive movement and saw lows right near EquityPandit’s predicted support levels of 11430 for Nifty. Market moved sharply positive from there but was not able to close above EquityPandit’s predicted reversal levels of 11573 for Nifty. BankNifty also saw highs right at EquityPandit’s predicted resistance levels of 27550 like a dot. Finally, Indian Stock Market closed positive for the day. Sensex also closed right at EquityPandit’s predicted resistance levels of 38240.
Today: Indian Stock Market would open positive. Technically, analysis would remain same and Indian Stock Market is still in negative zone for now. Market would enter into positive zone only if it closes above 11573 for Nifty and 27655 for BankNifty. Though a bounce would continue and can test near 11600 for Nifty on intraday basis but market doesn’t look bullish for now and traders can go short at rally. But if market managed to CLOSE above 11573 for Nifty and 27655 for BankNifty then traders should close all short positions and initiate fresh long positions in the market.
FIIs were net sellers of Rs.455 crores whereas DIIs were net buyers of Rs.611.98 crores in cash market for last trading session. Nifty would see strong support at 11460-11430-11400-11365 whereas strong resistance would be seen 11573-11600-11660 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: NIL.
NSE Nifty: (11537) The support for the Nifty is 11460-11430-11400-11365 and the resistance to the up move is at 11573-11600-11660 levels.
NSE BankNifty: (27469) The support for BankNifty is at 27380-27265-27145-27100 and the resistance to the up move is at 27550-27655-27700 levels.
BSE Sensex: (38243) The support for the Sensex is at 37990-37865-37785-37640-37585 and the resistance to the up move is at 38285-38340-38436-38500 levels.
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