Initiate Short Positions Only If Nifty Closes Below 11551, Until Then Market Rangebound
Last Trading Session: Indian Stock Market opened flat with negative bias as predicted by EquityPandit. EquityPandit predicted that positive breakout would only be seen if BankNifty closes above 30885 but until then market would remain rangebound and exactly same happened. Market was not able to breach EquityPandit’s predicted reversal levels and hence fell down sharply and saw lows right at EquityPandit’s predicted support levels of 38870 for Sensex. Finally, Indian Stock Market closed gap negative for the day.
Today: Indian Stock Market would open positive. Technically, analysis is still same. Nifty is still in positive zone whereas BankNifty is still in negative zone. Market would see some positive movement on the hopes of further easing from the US FED. Market would enter into negative zone only if Nifty closes below 11551 level on spot basis. Traders can close all long positions and initiate fresh short positions if Nifty closes below 11551 levels. As stated earlier, market would be considered bullish only if BankNifty closes above 30885 levels and until then market would see sideways movement in a rangebound region.
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FIIs were net sellers of Rs.1404.86 crores whereas DIIs were net buyers of Rs.329.05 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.
Stocks In F&O Ban Period: DHFL, IDBI, RELCAPITAL, RELINFRA and TATAELXSI.
NSE Nifty: (11597) 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: (30431) The support for BankNifty is 30360-30274-30168-30083 and the resistance to the up move is at 30540-30600-30670-30755 levels.
BSE Sensex: (38897) The support for the Sensex is at 38800-38747-38700-38645-38565 and the resistance to the up move is at 38965-39089-39115-39240 levels.
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