Market To Consolidate Further, Bullish Only If Nifty Closes Above 11009
Last Trading Session: Indian Stock Market opened flat as predicted by EquityPandit. Indian Stock Market moved sharply positive but saw strong resistance near EquityPandit’s predicted resistance levels of 37110 for Sensex and 28180 for BankNifty. Market fell down sharply from there and saw lows right below EquityPandit’s predicted support levels of 10840. Finally, market closed gap negative for the day.
Today: Indian Stock Market would open flat. Indian Stock Market is still in negative zone. Technically, analysis would still remain same. Market would enter into positive zone once it closes above 11009 for Nifty and 28190 levels for BankNifty. Closing below 10813 for Nifty would force market to see further downfall. As stated earlier, Bollinger Bands wideness suggests that market would consolidate for next some time. Traders should go long only if market closes above these reversal levels and until then hold short positions or else wait for a range breakout for the profitable trades.
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FIIs were net sellers of Rs.383.66 crores whereas DIIs were net buyers of Rs.531.56 crores in cash market for last trading session. Nifty would see strong support at 10800-10775-10722-10700 whereas strong resistance would be seen 10905-10975-11000-11035 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
Important Results To Be Disclosed Today: Abbott India, Adani Enterprises, Adani Transmission, Advanced Enzyme Technologies, Akzo Nobel India, Apar Industries, City Union Bank, Coffee Day Enterprises, Emami, Endurance Technologies, Engineers India, Godrej Properties, Great Eastern Shipping Company, Greaves Cotton, Gujarat Pipavav Port, Hexaware technologies, Indostar Capital Finance, Infibeam Avenues, Ircon International, Jindal Stainless, Mahanagar Gas, Max India, Nava Bharat Ventures, NBCC, Page Industries, P&G Health, Radico Khaitan, Rashtriya Chemicals, Take Solutions, Tata Chemicals, Tata Investment Corporation, TCNS Clothing, Thermax, UCO Bank and UltraTech Cement.
Stocks In F&O Ban Period: NIL.
NSE Nifty: (10856) The support for the Nifty is 10800-10775-10722-10700 and the resistance to the up move is at 10905-10975-11000-11035 levels.
NSE BankNifty: (27702) The support for BankNifty is 27635-27565-27450-27340 and the resistance to the up move is at 27780-27820-27880-28000-28035 levels.
BSE Sensex: (36691) The support for the Sensex is at 36600-36518-36422-36320 and the resistance to the up move is at 36780-36880-36946-37025 levels.
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