Market Still In Positive Momentum, Initiate Short Only If Nifty Closes Below 11577
Last Trading Session: Indian Stock Market opened positive for the day as predicted by EquityPandit. EquityPandit predicted that market would see sideways movement. EquityPandit also predicted that if Nifty is able to trade above 11631 for sometime then market would see further positive rally and exactly same happened. Indian Stock Market moved sharply positive and saw highs just below EquityPandit’s predicted resistance levels of 30660 for BankNifty. Finally, Indian Stock Market closed positive for the day but BankNifty was seen under pressure and closed negative for the day.
Today: Indian Stock Market would open positive. Technically, Indian Stock Market is sill in positive zone. Market is still bullish but some profit booking can be seen at this point of time. Overall, Indian Stock Market would be considered bullish until it closes above 11577 levels for Nifty and 30011 levels for BankNifty. Traders should initiate fresh short positions only if market closes below these levels but until then go long at every dip in the market. If Nifty manages to hold above 11577 levels then next logical target would be 11760-11800-11880.
FIIs were net buyers of Rs.898.79 crores whereas DIIs were net sellers of Rs.1032.81 crores in cash market for last trading session. Nifty would see strong support at 11630-11600-11570-11498 whereas strong resistance would be seen 11700-11760-11800 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 and RPOWER.
NSE Nifty: (11669) The support for the Nifty is 11630-11600-11570-11498 and the resistance to the up move is at 11700-11760-11800 levels.
NSE BankNifty: (30327) The support for BankNifty is at 30274-30168-30083-30025 and the resistance to the up move is at 30500-30660-30740-30800 levels.
BSE Sensex: (38872) The support for the Sensex is at 38800-38747-38700-38540-38445 and the resistance to the up move is at 38950-39027-39115-39240 levels.
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