Market Would Enter Bearish Zone Only If Nifty Closes Below 11580
Last Trading Session: Indian Stock Market opened flat with positive bias for the day as predicted. EquityPandit predicted that market would see some profit booking but traders can go long at dips until Nifty holds 11580 levels. Market consolidated for the whole day and saw a sharp profit booking by the end of the day. Finally, Indian Stock Market closed negative for the day.
Today: Indian Stock Market would open flat. Technically, Nifty is still in positive zone but BankNifty has entered into negative zone. Now market is in indecisive mode. MACD has already taken bearish crossover for BankNifty. Now market would remain choppy and is ready to see further downfall but the confirmation of the bearish trend would only be if Nifty closes below 11580 levels. Traders can wait for the confirmation and can initiate short positions if Nifty closes below 11580 levels.
FIIs were net sellers of Rs.226.19 crores whereas DIIs were net buyers of Rs.1206.16 crores in cash market for last trading session. Nifty would see strong support at 11570-11498-11450 whereas strong resistance would be seen 11630-11700-11760 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: ADANIPOWER, IDBI, JETAIRWAYS and RPOWER.
NSE Nifty: (11598) The support for the Nifty is 11570-11498-11450 and the resistance to the up move is at 11630-11700-11760 levels.
NSE BankNifty: (29905) The support for BankNifty is at 29721-29650-29545-29400 and the resistance to the up move is at 30027-30075-30140-30270 levels.
BSE Sensex: (38685) The support for the Sensex is at 38540-38445-38340-38265-38227 and the resistance to the up move is at 38747-38800-38950-39027 levels.
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