Market Still Bearish But Some Bounce Can Be Seen As Nifty Near Its Support
Last Trading Session: Indian Stock Market opened negative exactly as predicted. EquityPandit predicted that market is bearish for now and traders should hold short positions for now. EquityPandit also suggested traders to go short at every positive rally and exactly same happened. Indian Stock Market moved sharply negative for the day. Finally, Indian Stock Market closed gap negative, just above EquityPandit’s predicted support levels of 11340 for Nifty.
Today: Indian Stock Market would open positive. Technically, Indian Stock Market including Nifty, Sensex and BankNifty are still in negative zone. Now market may consolidate in this range for now as Nifty possesses strong support near these levels. Some bounce can be seen at this point of time but overall market is bearish. Traders should remain cautious as market is near its support and bounce back can’t be ruled out. Nifty would enter into positive zone only if it closes above 11463 levels and until then market would see sideways movement in a rangebound region.
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FIIs were net sellers of Rs.1916.91 crores whereas DIIs were net buyers of Rs.1829.90 crores in cash market for last trading session. Nifty would see strong support at 11311-11274-11235-11165 whereas strong resistance would be seen 11390-11430-11450-11480 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, DISHTV, IDBI and RELINFRA.
NSE Nifty: (11346) The support for the Nifty is 11311-11274-11235-11165 and the resistance to the up move is at 11390-11430-11450-11480 levels.
NSE BankNifty: (29285) The support for BankNifty is 29110-29027-28950-28815 and the resistance to the up move is at 29400-29520-29705-29800 levels.
BSE Sensex: (38031) The support for the Sensex is at 37956-37880-37820-37740-37690 and the resistance to the up move is at 38085-38170-38254-38370-38402 levels.
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