Market Still In Negative Zone, Go Short At Rally Until Nifty Closes Above 10808
Last Trading Session: Indian Stock Market opened positive for the day as predicted by EquityPandit. EquityPandit predicted that market is in negative zone and Nifty needs to trade above 10750 to see some recovery. EquityPandit also predicted that market would be bullish only above 10810 levels for Nifty on spot basis and exactly same happened. Indian Stock Market closed positive but was not able to trade above 10750 levels and hence fell down sharply. Finally, Indian Stock Market closed gap negative for the day.
Today: Indian Stock Market would open positive. Technically, Indian Stock Market is still in negative zone. Market would enter into positive zone only if it closes above 10808 levels for Nifty and 26971 for BankNifty. Market is over-stretched and may see some bounce but overall market would be considered sell on rally until market closes above 10808 levels. Nifty to see strong support near 10580 breaching which, Nifty may see sharp downfall due to channel breakdown.
FIIs were net sellers of Rs.1239.79 crores whereas DIIs were net buyers of Rs.2336.74 crores in cash market for last trading session. Nifty would see strong support at 10600-10580-10562-10512 whereas strong resistance would be seen 10705-10740-10780-10820 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, CGPOWER, IDBI, JETAIRWAYS, JISJALEQS, PCJEWELLER, RELINFRA and RPOWER.
Important Results To Be Disclosed Today: Linde India Ltd.
NSE Nifty: (10641) The support for the Nifty is 10600-10580-10562-10512 and the resistance to the up move is at 10705-10740-10780-10820 levels.
NSE BankNifty: (26654) The support for BankNifty is at 26570-26500-26440-26365-26225 and the resistance to the up move is at 26744-26840-26950-27005-27075 levels.
BSE Sensex: (35498) The support for the Sensex is at 35380-35270-35110 and the resistance to the up move is at 35662-35775-35818-35880 levels.
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