Sideways Movement To Be Seen, Initiate Short Only If Nifty Closes Below 11831
Last Trading Session: Indian Stock Market opened positive for the day. EquityPandit predicted that market would consolidate until BankNifty closes above 30500 levels but traders should hold long positions in the market. EquityPandit also predicted that market would see some profit booking for the day but would be considered bullish until it holds above 11837 levels for Nifty. Indian Stock Market moved sharply positive but saw highs exactly at EquityPandit’s predicted resistance levels of 11974 for Nifty like a dot. Market saw some profit booking from highs as predicted and fell down sharply. Finally, Indian Stock Market closed negative for the day.
Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still in positive zone. Analysis would remain same. Market would continue to consolidate for now. Market would enter into negative zone only if it closes below 11831 for Nifty and 29961 for BankNifty but until then market would remain rangebound. Profit booking may be seen as some indication of reversal is witnessed but its too early to confirm and hence traders should continue to hold long positions until market holds above 11831 for Nifty and 29961 for BankNifty. Traders can initiate short positions if market closes below these levels.
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FIIs were net buyers of Rs.473.17 crores whereas DIIs were net sellers of Rs.1593.71 crores in cash market for last trading session. Nifty would see strong support at 11870-11850-11800-11748 whereas strong resistance would be seen at 11955-11980-12041-12083 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: Bajaj Electricals Ltd, Bosch Ltd, Canara Bank, Cipla, Corporation Bank, EID Parry, Emami, Exide Industries, First Source Solutions, Fortis healthcare, Godrej Consumer Products, Kalpataru Power Transmission, Lupin, Manappuram Finance, MAS Financial Services, Minda Corporation, Radico Khaitan, Schneider Electric infrastructure, Shipping Corporation Of India, Somany Ceramics, Take Solutions, Tata Steel, Triveni Turbine, V-Guard Industries and Voltas Ltd.
NSE Nifty: (11917) The support for the Nifty is 11870-11850-11800-11748 and the resistance to the up move is at 11955-11980-12041-12083 levels.
NSE BankNifty: (30220) The support for BankNifty is 30140-30025-29970-29830 and the resistance to the up move is 30280-30388-30465-30515-30660 levels.
BSE Sensex: (40248) The support for the Sensex is 40110-40035-40000-39940 and the resistance to the up move is at 40380-40500-40600-40665 levels.
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