Market Still Bearish Until Nifty Closes Above 11356 And BankNifty Above 29461
Last Trading Session: Indian Stock Market opened flat as predicted by EquityPandit. EquityPandit predicted that market is still in negative zone and traders should go long only if Nifty manages to close above 11376 but until then hold short positions and exactly same happened. Indian Stock Market saw highs right near EquityPandit’s predicted resistance levels of 29600 for BankNifty and 11308 for Nifty like a dot. Market fell down sharply from there and saw strong support at 29110 for Nifty. Finally, Indian Stock Market closed gap negative for the day.
Today: Indian Stock Market would open flat with positive bias. Technically, Indian Stock Market is still in negative zone. Nifty has formed Bearish Engulfing Candlestick Pattern that suggest further downfall could be seen in upcoming days. Though market is over-stretched and some short covering rally could be seen but market is still bearish and traders should initiate fresh long positions only if market closes above 11356 for Nifty and 29461 for BankNifty. Market would see nearest support at 11110-11067 whereas strong support would be seen at 11000 levels for Nifty.
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FIIs were net sellers of Rs.704.42 crores whereas DIIs were net buyers of Rs.1351.64 crores in cash market for last trading session. Nifty would see strong support at 11145-11100-11085-11024-11000 whereas strong resistance would be seen 11215-11237-11265-11308 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: (11189) The support for the Nifty is 11145-11100-11085-11024-11000 and the resistance to the up move is at 11215-11237-11265-11308 levels.
NSE BankNifty: (29295) The support for BankNifty is 29220-29110-29027-28950 and the resistance to the up move is at 29460-29520-29600-29705-29800 levels.
BSE Sensex: (37686) The support for the Sensex is at 37550-37430-37340-37290 and the resistance to the up move is at 37755-37880-37940-38027-38075 levels.
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