Initiate Short Only If Nifty Closes Below 11580, Positive Rally Above 11685
Last Trading Session: Indian Stock Market opened flat for the day. EquityPandit predicted that traders should go short only if Nifty closes below 11580 levels but market managed to hold these levels and recovered sharply as predicted. Indian Stock Market moved sharply negative and saw lows right at Equitypandit’s predicted support levels of 29720 for BankNifty and 11570 for Nifty like a dot. Market was not able to breach lows of last trading session and hence Bearish Engulfing candlestick pattern didn’t confirm. Finally, Indian Stock Market recovered and managed to close positive for the day.
Today: Indian Stock Market would open negative. Technically, Nifty is still in positive zone but BankNifty is in negative zone. IMF (International Monetary Fund) reduced global economic growth forecast for 2019 citing risks like increasing trade tensions and tighter monetary policy by the Federal Reserve. Market would consolidate and may see some profit booking but traders should initiate fresh short positions only if Nifty closes below 11580 and until then traders can go long at dips. Nifty would continue its positive movement if it manages to breach levels of 11685 but if Nifty closes below 11580, market would see sharp downfall in days to come.
FIIs were net buyers of Rs.1212.35 crores whereas DIIs were net sellers of Rs.688.65 crores in cash market for last trading session. Nifty would see strong support at 11630-11600-11570-11498 whereas strong resistance would be seen 11700-11730-11760 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, DLF, IDBI, JETAIRWAYS, PCJEWELLER, RPOWER and WOCKPHARMA.
NSE Nifty: (11672) The support for the Nifty is 11630-11600-11570-11498 and the resistance to the up move is at 11700-11730-11760 levels.
NSE BankNifty: (30114) The support for BankNifty is at 30025-29970-29830-29721and the resistance to the up move is at 30140-30270-30380-30500 levels.
BSE Sensex: (38939) The support for the Sensex is at 38800-38747-38700-38540-38445 and the resistance to the up move is at 39027-39115-39240 levels.
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