Nifty Still In Consolidation, Intraday Traders Can Go Long At Support With SL Below 11000
Last Trading Session: Indian Stock Market opened positive for the day. EquityPandit predicted that Indian Stock Market is still in negative zone and would see furter downfall towards 11140 if it breaches levels of 11255 and exactly same happened. Indian Stock Market moved positive and saw highs right near EquityPandit’s predicted resistance levels of 11390 for Nifty, 28740 for BankNifty and 38402 for Sensex like a dot. Market fell down sharply and managed to breach 11255 levels. Finally, Indian Stock Market moved sharply negative near to EquityPandit’s predicted targets of 11140 and closed gap negative for the day.
Today: Indian Stock Market would open positive. Technically, Indian Stock Market is still in negative zone. There are some chances of short covering from these levels but still market would consolidate for now. Market has multiple support at these levels and hence intraday traders can go long near supports with stoploss of 11000 for Nifty on closing basis. But overall, market would still be considered bearish until it continue to close below 11473 for Nifty and 29074 for BankNifty.
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FIIs were net sellers of Rs.682.93 crores whereas DIIs were net buyers of Rs.606.28 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 at 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.
NSE Nifty: (11175) 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: (27732) The support for BankNifty is 27635-27565-27450-27340 and the resistance to the up move is 27820-27880-28000-28035-28145 levels.
BSE Sensex: (37673) The support for the Sensex is 37550-37430-37340-37290 and the resistance to the up move is at 37755-37880-37940-38027-38075 levels.
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