Nifty To See Further Downfall On US-China Uncertainties, Strong Support At 11000
Last Trading Session: Indian Stock Market opened negative as predicted by EquityPandit. EquityPandit predicted that market would see support at 11250 but traders should initiate long positions only if BankNifty closes above 29334 levels and exactly same happened. Indian Stock Market saw strong support at 11250 and moved positive but broke the support and fell down sharply after China declared tariff hike on USD 60 Billion imports from US. Nifty saw lows right at EquityPandit’s predicted support levels of 11125 like a dot. Finally, Indian Stock Market closed gap negative for the day.
Today: Indian Stock Market would open gap negative. Technically, Indian Stock Market is still in negative zone. Market would still remain under pressure on US-China trade uncertainty. After China hiking the tariff, Trump again warned China for the unfavourable outcome of this for China. Global economy would remain under pressure due to trade war of two biggest economies. Indian Stock Market may see further downfall but 11000 would act as strong psychological support for Nifty and is not expected to be breached very easily for now. Volatility would rise in upcoming days due to Indian Poll outcome probabilities. Traders should hedge all the positions and should remain cautious due to local event of Election and global worries due to US-China Trade war.
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FIIs were net sellers of Rs.1056.01 crores whereas DIIs were net buyers of Rs.1057.91 crores in cash market for last trading session. Nifty would see strong support at 11100-11085-11024-11000 whereas strong resistance would be seen 11185-11215-11237-11265 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
Important Results To Be Declared Today: Cera Sanitaryware, Edelweiss Financial Services, Endurance Technologies, Gateway Distriparks, Indian Bank, Nestle India, Pidilite Industries, PTC India, Sharda Cropchem, Siemens, UCO Bank, Union Bank Of India, Welspun Corp and Westlife Development Ltd.
Stocks In F&O Ban Period: NIL.
NSE Nifty: (11148) The support for the Nifty is 11100-11085-11024-11000 and the resistance to the up move is at 11185-11215-11237-11265 levels.
NSE BankNifty: (28660) The support for BankNifty is at 28600-28488-28353-28270 and the resistance to the up move is at 28740-28880-28960-29075 levels.
BSE Sensex: (37091) The support for the Sensex is at 36950-36850-36814-36770 and the resistance to the up move is at 37158-37270-37368-37500 levels.
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