Market Still Bearish But Temporary Bounce Possible At This Point
Last Trading Session: Indian Stock Market opened flat for the day. EquityPandit predicted that market is still in negative zone and Nifty possess immediate support at 11300 levels. EquityPandit also predicted that market would see sharp downfall once 11300 get breached for Nifty and exactly same happened. Indian Stock Market moved sharply positive after flat opening and saw highs right at EquityPandit’s predicted resistance levels of 29250 for BankNifty like a dot. Market fell down from there. Nifty breached EquityPandit’s predicted levels of 11300 and fell down sharply to EquityPandit’s predicted support levels of 11235 like a dot. Finally, Indian Stock Market closed negative for the day. BankNifty closed right at EquityPandit’s predicted support levels of 28950 like a dot.
Today: Indian Stock Market would open positive. Technically, Indian Stock Market including is still in negative zone. Market has seen 5 days of consecutive fall and some bounce from these levels can’t be ruled out. Stochastic RSI indicator as mentioned in the chart below is also in oversold region, so a bounce is possible. But traders should initiate fresh long positions only if Nifty enters into positive zone by closing above 11409 levels. On the downside, next support lies at 11205-11125 for Nifty. Overall, market is bearish for now but traders should remain cautious as sudden rebounce may be seen in the market.
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FIIs were net sellers of Rs.1393.71 crores whereas DIIs were net buyers of Rs.2140.26 crores in cash market for last trading session. Nifty would see strong support at 11255-11235-11165-11125 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: DISHTV and IDBI.
NSE Nifty: (11271) The support for the Nifty is 11255-11235-11165-11125 and the resistance to the up move is at 11300-11355-11385-11400 levels.
NSE BankNifty: (28952) The support for BankNifty is 28870-28820-28740-28600 and the resistance to the up move is at 29075-29130-29180-29270 levels.
BSE Sensex: (37848) The support for the Sensex is at 37690-37550-37430-37340 and the resistance to the up move is at 37880-37940-38027-38075-38170 levels.
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