Market In Negative Zone, Sideways Movement To Be Seen But Go Short At Every Rally
Last Trading Session: Indian Stock Market opened positive exactly as predicted. EquityPandit predicted that market would remain rangebound until Nifty holds above 11369 and below these levels market would enter into negative zone and exactly same happened. Market moved positive and saw highs right at Equitypandit’s predicted resistance levels of 29520 for BankNifty like a dot. Market saw sharp downfall from EquityPandit’s predicted resistance levels and breached EquityPandit’s predicted reversal levels for Nifty. Finally, Indian Stock Market closed gap negative for the day.
Today: Indian Stock Market would open negative. Technically, BankNifty was already in negative zone and now Nifty has also entered into negative zone. Though market would still remain rangebound for now but now overall trades would be negatively biased. Market would be considered bearish for now and any positive movement would be an opportunity for traders to go short in the market.
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FIIs were net sellers of Rs.1298.56 crores whereas DIIs were net buyers of Rs.1503.02 crores in cash market for last trading session. Nifty would see strong support at 11311-11274-11235-11165 whereas strong resistance would be seen at 11390-11430-11450-11480-11500 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
NSE Nifty: (11360) The support for the Nifty is 11311-11274-11235-11165 and the resistance to the up move is at 11390-11430-11450-11480-11500 levels.
NSE BankNifty: (28726) The support for BankNifty is 28600-28550-28488-28353 and the resistance to the up move is 28880-28940-29075-29145-29205 levels.
BSE Sensex: (38305) The support for the Sensex is 38140-38085-38956-37820 and the resistance to the up move is at 38370-38402-38487-38565-38700 levels.
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