Nifty Possess Immediate Support At 11300, Further Downfall If 11300 Breached
Last Trading Session: Indian Stock Market opened positive exactly as predicted. EquityPandit predicted that market is still bearish but some bounce can be seen as Nifty is near its support levels and exactly same happened. Indian Stock Market saw sharp positive rally but saw strong resistance right near EquityPandit’s predicted resistance levels of 11390 for Nifty. Market fell sharply from there and finally, managed to close marginally negative for the day.
Today: Indian Stock Market would open positive. Technically, Indian Stock Market including Nifty, Sensex and BankNifty are still in negative zone. Now Nifty possess immediate support at 11300 levels and breaching which market would see further sharp downfall. Market may consolidate or see a rebounce until Nifty holds above 11300 levels but breaching these levels on intraday basis would force market to see further downfall towards 11235-11165 levels in upcomng days. Market may see some short covering rally but would enter into positive zone only if Nifty closes above 11461 levels and until then 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.2607.97 crores whereas DIIs were net buyers of Rs.2625.10 crores in cash market for last trading session. Nifty would see strong support at 11300-11274-11235-11165 whereas strong resistance would be seen 11390-11430-11455-11480 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: DISHTV and IDBI.
NSE Nifty: (11331) The support for the Nifty is 11300-11274-11235-11165 and the resistance to the up move is at 11390-11430-11455-11480 levels.
NSE BankNifty: (29128) The support for BankNifty is 29027-28950-28815 and the resistance to the up move is at 29250-29360-29400-29520 levels.
BSE Sensex: (37983) 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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