Market To Remain Bearish Until Nifty Closes Above 11406 And BankNifty Closes Above 29461
Last Trading Session: Indian Stock Market opened positive exactly as predicted by EquityPandit. EquityPandit predicted that market may see temporary bounce at this point of time but market is still bearish and traders should continue short positions until Nifty holds below 10409 and exactly same happened. Indian Stock Market moved sharply positive but saw strong resistance near EquityPandit’s predicted resistance levels of 11355 for Nifty and 38170 for BankNifty like a dot. Market fell down sharply from there and saw lows right at EquityPandit’s predicted support levels of 11235 for Nifty like a dot. Finally, Indian Stock Market closed flat with marginally negative 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 is stretched and could see a bounceback after continuous downfall for 6 consecutive trading sessions but would enter into positive zone only if it closes above 11409 for Nifty and 29461 for BankNifty. Until then market would be considered bearish and every positive rally would be an opportunity for traders to go short in the market.
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FIIs were net sellers of Rs.126.65 crores whereas DIIs were net buyers of Rs.398.53 crores in cash market for last trading session. Nifty would see strong support at 11235-11165-11125 whereas strong resistance would be seen 11300-11355-11385-11400 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: NIL.
NSE Nifty: (11252) The support for the Nifty is 11235-11165-11125 and the resistance to the up move is at 11300-11355-11385-11400 levels.
NSE BankNifty: (29043) The support for BankNifty is 28940-28870-28820-28740-28600 and the resistance to the up move is at 29130-29180-29270-39380 levels.
BSE Sensex: (37831) The support for the Sensex is at 37690-37550-37430-37340 and the resistance to the up move is at 37940-38027-38075-38170 levels.
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