Market To See Bounce Back But Initiate Fresh Long Only If Nifty Closes Above 11573
Last Trading Session: Indian Stock Market opened flat for the day. Last week, EquityPandit predicted that market would consolidate until Nifty breaks out of 11649-11760 range. EquityPandit also predicted that traders can close all long positions and initiate fresh short positions if market closes below 11649 for Nifty and 27979 for BankNifty and exactly same happened. Indian Stock Market managed to close below EquityPandit’s predicted reversal levels and entered into negative zone. Market fell down sharply since then. Traders, who followed EquityPandit’s advice might have earned huge profits for last few days. Finally, Indian Stock Market closed gap negative in last trading session.
Today: Indian Stock Market would open flat. Technically, 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. Nifty possess strong support at 11360 levels and since market is near its support, there is strong chance of a bounce back but traders should initiate long positions ONLY if market closes above 11573 for Nifty and 27655 for BankNifty but until then traders should continue to hold short positions.
FIIs were net sellers of Rs.383.67 crores whereas DIIs were net buyers of Rs.176.95 crores in cash market for last trading session. Nifty would see strong support at 11430-11400-11365-11340 whereas strong resistance would be seen 11505-11545-11600-11660 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
Click Here to Check the Trend Of Major Indices and Stocks
Stocks In F&O Ban Period: NIL.
NSE Nifty: (11477) The support for the Nifty is 11430-11400-11365-11340 and the resistance to the up move is at 11505-11545-11600-11660 levels.
NSE BankNifty: (27376) The support for BankNifty is at 27265-27145-27100-27045 and the resistance to the up move is at 27505-27550-27655-27700 levels.
BSE Sensex: (38018) The support for the Sensex is at 37865-37785-37640-37585 and the resistance to the up move is at 38180-38240-38285-38340 levels.
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