Market Still Consolidating, Go Short if Nifty Closes Below 11580
Last Trading Session: Indian Stock Market opened negative as predicted. EquityPandit predicted that market would consolidate and may see some profit booking but traders can initiate fresh short positions only if Nifty closes below 11580 and positive rally would be seen only above 11685. Indian Stock Market moved positive but saw strong resistance right at yesterday’s predicted levels of 11685 and fell down sharply from there. Indian Stock Market saw lows right at EquityPandit’s predicted support levels of 11580 for Nifty and 38540 for Sensex like a dot. Finally, Indian Stock Market closed gap negative for the day.
Today: Indian Stock Market would open flat. Technically, analysis would remain same. Nifty is still in positive zone whereas BankNifty is still in negative zone. Nifty would enter into negative zone only if it closes below 11580 levels but until then Indian Stock Market would continue to consolidate in a rangebound region and some short covering may be seen. Traders can initiate fresh short positions if Nifty closes below 11580. On Intraday basis, bears would get active once 11570 breaches for Nifty and in that case further selling would be seen in the market. BankNifty is also forming DESCENDING TRIANGLE type of candlestick pattern and hence if lows of last trading session is breached on closing basis then sharp downfall would be seen in BankNifty. Traders should follow the levels and trade cautiously.
FIIs were net buyers of Rs.1429.92 crores whereas DIIs were net buyers of Rs.461.29 crores in cash market for last trading session. Nifty would see strong support at 11570-11548-11520-11498 whereas strong resistance would be seen 11630-11682-11700-11730 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, DLF, IDBI, JETAIRWAYS, PCJEWELLER, RPOWER and WOCKPHARMA.
NSE Nifty: (11584) The support for the Nifty is 11570-11548-11520-11498 and the resistance to the up move is at 11630-11682-11700-11730 levels.
NSE BankNifty: (29804) The support for BankNifty is at 29721-29650-29545-29400 and the resistance to the up move is at 29950-30027-30075-30140 levels.
BSE Sensex: (38585) The support for the Sensex is at 38445-38340-38265-38227-38100 and the resistance to the up move is at 38700-38747-38800-38950 levels.
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