Hold Short Positions For Now, Initiate Long Only If Nifty Closes Above 11973
Last Trading Session: Indian Stock Market opened negative exactly as predicted. EquityPandit predicted that market is still negative and traders can continue short until Nifty holds below 11973 and exactly same happened. Indian Stock Market moved sharply negative for the day. Market recovered sharply from day lows and saw highs right at EquityPandit’s predicted resistance levels of 11930 for Nifty and 31037 for BankNifty like a dot. Finally, Indian Stock Market closed flat for the day.
Today: Indian Stock Market would open negative. Technically, Indian Stock Market is still in negative zone. Analysis would still remain same. Market would be considered bearish until it closes above 11973 levels for Nifty and 31368 levels for BankNifty. Traders should still continue to hold short positions until market holds below these levels. Traders can initiate fresh long positions only if market closes above these levels but until then market would be considered bearish and every positive rally would be an opportunity to go short in the market.
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FIIs were net buyers of Rs.172.35 crores whereas DIIs were net sellers of Rs.444.87 crores in cash market for last trading session. Nifty would see strong support at 11875-11850-11800-11748 whereas strong resistance would be seen 11930-11975-12041-12083 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
Stocks In F&O Ban Period: IDBI, RELCAPITAL and RELINFRA.
NSE Nifty: (11914) The support for the Nifty is 11875-11850-11800-11748 and the resistance to the up move is at 11930-11975-12041-12083 levels.
NSE BankNifty: (30976) The support for BankNifty is at 30920-30865-30815-30700 and the resistance to the up move is at 31037-31110-31200-31270-31340 levels.
BSE Sensex: (39741) The support for the Sensex is at 39660-39620-39565-39405 and the resistance to the up move is at 39815-39880-39945-40035 levels.
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