F&O Expiry Today, Some Recovery Expected, Initiate Short Only If Nifty Closes Below 11369
Last Trading Session: Indian Stock Market opened negative exactly as predicted by EquityPandit. EquityPandit predicted that Nifty would see 11470 levels if 11535 get breached. EquityPandit also predicted that market would try to fill up the gap it generated on Monday and exactly same happened. Indian Stock Market saw sharp downfall and achieved EquityPandit’s targets. Traders who followed EquityPandit’s advice might have earned huge profits. Finally, Indian Stock Market closed gap negative for the day.
Today: Indian Stock Market would open positive. Technically, Indian Stock Market is still in positive zone. Market may see some positive movement on Expiry day but trading below 11415 for Nifty would infuse some selling in the market. Market would enter into bearish zone only if it closes below 11369 for Nifty and 29438 for BankNifty but until then there are strong chances of market recovery. Traders should initiate fresh short positions only if market closes below 11369 for Nifty and 29438 for BankNifty.
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FIIs were net sellers of Rs.342.40 crores whereas DIIs were net buyers of Rs.762.48 crores in cash market for last trading session. Nifty would see strong support at 11369-11340-11315-11250 whereas strong resistance would be seen at 11495-11518-11565-11585 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
NSE Nifty: (11440) The support for the Nifty is 11369-11340-11315-11250 and the resistance to the up move is at 11495-11518-11565-11585 levels.
NSE BankNifty: (29586) The support for BankNifty is 29470-29400-29285-29200 and the resistance to the up move is 29705-29786-29880-29950-30027 levels.
BSE Sensex: (38594) The support for the Sensex is 338445-38340-38265-38227-38100 and the resistance to the up move is at 38700-38747-38800-38950-39089 levels.
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