Market To See Sharp Downfall, Traders Can Short Nifty Below 11083, SBI Results Today
Last Trading Session: Indian Stock Market opened positive as predicted by Equitypandit. EquityPandit predicted that the Indian Stock Market would remain highly volatile on F&O Expiry and traders should initiate short positions only if Nifty closes below 11083. EquityPandit also suggested conservative traders to book full profits in long positions while market opening. BankNifty was already in negative zone and hence fell down sharply. Nifty saw lows right at EquityPandit’s predicted reversal levels of 11083 like a dot and recovered from there. Index Heavyweights that forced market to see sharp downfall were IndusInd Bank (-5.57%), HDFC (3.55%), Axis Bank (3.41%), Power Grid (2.70%), SBI (2.43%). Finally, Indian Stock Market closed gap negative for the day.
Today: Indian Stock Market would open gap negative. Technically, Nifty is still in the positive zone whereas BankNifty is in the negative zone. Nifty would enter into negative zone once it closes below 11083 levels. Traders can initiate fresh short positions if Nifty breaches 11083 levels and can take short positions home if market closes below these levels. BankNifty is still in negative trend and would continue to see downfall. Once Nifty closes below these levels, we may see further downfall in the market. SBI (State Bank Of India) Results that would be disclosed today would affect the further direction of Indian Stock Market. See Full Analysis of SBI at: SBI Share Price and Analysis
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FIIs were net sellers of Rs.352.65 crores whereas DIIs were net sellers of Rs.505.62 crores in the cash market for the last trading session. Nifty would see strong support at 11085-11024-10945 whereas strong resistance would be seen at 11154-11185-11205-11237 levels. EquityPandit’s support and resistance levels always meet accuracy and hence traders are suggested to follow them for good profits.
Important Results To Be Declared Today: Blue Dart, Capri Global Capital, Deepak Fertilizers, Dr. Lal Pathlabs, Godrej Agrovet, Indian Oil Corporation, Jagran Prakashan, JSW Energy, Just Dial, Mahindra Holidays, MMTC, Motilal Oswal Financial Services, Solar Industries, State Bank Of India (SBI), Sun Pharmaceuticals, Tata Chemicals, Tata Investment Corporation, Tata Metaliks, Tata Motors, Team Lease Services, Thyrocare Technologies, UCO Bank, Ujjivan Small Finance Bank, UPL Ltd, Va Tech Wabag and Zydus Wellness.
NSE Nifty: (11102) The support for the Nifty is 11085-11024-10945 and the resistance to the up move is at 11154-11185-11205-11237.
NSE BankNifty: (21647) The support for BankNifty is 21550-21350-21065-20878 and the resistance to the up move is 21862-22000-22385.
BSE Sensex: (37736) The support for the Sensex 37600-37440-37365-37240 and the resistance to the up move is at 37930-38110-38245-38370 levels.
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