Nifty To See Further Downfall, Strong Resistance At 11000 Until Election Results
Last Trading Session: Indian Stock Market opened flat with negative bias as predicted by EquityPandit. EquityPandit predicted that market would some profit booking from here and exactly same happened. Indian Stock Market saw some profit booking as predicted by EquityPandit and Finally, Indian Stock Market closed negative for the day. BankNifty closed right above EquityPandit’s predicted support levels of 26685.
Today: Indian Stock Market would open gap negative. Technically, Indian Stock Market is still in positive zone but market would see some further profit booking. We are heading towards RBI Monetary Policy this week and State Election Results next week. Market would continue to remain under pressure until then and would also see further downfall. Market would enter into negative zone if it closes below 10780 for Nifty and 26610 for BankNifty. Overall, traders can go short at every positive movement with stoploss above 11000 levels for Nifty. Nifty could see levels of 10800-10750 levels in days to come if Nifty holds below 10940 on closing basis.
FIIs were net sellers of Rs.55.89 crores whereas DIIs were net sellers of Rs.521.38 crores in cash market for last trading session. Nifty would see strong support at 10830-10800-10775-10722 whereas strong resistance would be seen 10940-10975-11000-11035 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: (10870) The support for the Nifty is 10830-10800-10775-10722 and the resistance to the up move is at 10940-10975-11000-11035 levels.
NSE BankNifty: (26694) The support for BankNifty is at 26500-26440-26365-26225 and the resistance to the up move is at 26840-26950-27005-27075 levels.
BSE Sensex: (36134) The support for the Sensex is at 36065-35980-35800-35660 and the resistance to the up move is at 36290-36465-36540-36600 levels.
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