Go Long At Dips Until Nifty Holds Above 10994 And BankNifty Above 22324 By Closing
Last Trading Session: Indian Stock Market opened negative as predicted by EquityPandit. EquityPandit predicted that Indian Stock Market is near its resistance but traders should initiate fresh short positions only if it closes below 10978. Indian Stock Market moved sharply negative while opening and saw support right at EquityPandit’s predicted support levels of 11085 for Nifty and 37740 for Sensex like a dot and recovered sharply from there. Most active stocks for the day were Reliance Industries, Bajaj Finance, ICICI Bank, Infosys and IndusInd Bank. Finally, Indian Stock Market managed to close marginally negative for the day led by the sharp downfall of the BankNifty.
Today: Indian Stock Market would open flat with positive bias. Technically, Indian Stock Market is still in a positive zone. Reversal levels would remain the same. Market would enter into a negative zone once it closes below 10994 for Nifty and 22324 for BankNifty. Market would remain rangebound and would see sideways movement. Breakout would be seen once Nifty breaches the levels of 11240. Profit booking can’t be ruled out and trade is to go long at dips near sub 11000-11100 levels with stoploss below EquityPandit’s reversal levels of 10994 on the closing basis. Traders can initiate fresh short positions once the market closes below EquityPandit’s predicted reversal levels of 10994 for Nifty and 22324 for BankNifty.
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FIIs were net buyers of Rs.409.88 crores whereas DIIs were net sellers of Rs.1002.98 crores in the cash market for the last trading session. Nifty would see strong support at 11175-11145-11100-11085 whereas strong resistance would be seen at 11237-11265-11308-11380 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: Bharat Electronics, Bharti Infratel, Escorts, Havells India, India Cements, Kotak Mahindra Bank, Maharashtra Seamless, Marico, Nippon Life India Asset Management, Orient Electric, Pfizer, Swan Energy, Tech Mahindra, Vardhman Textiles and V-Guard Industries.
NSE Nifty: (11194) The support for the Nifty is 11175-11145-11100-11085 and the resistance to the up move is at 11237-11265-11308-11380.
NSE BankNifty: (22662) The support for BankNifty is 222375-22240-22000-21925 and the resistance to the up move is 22745-22850-23035-23170.
BSE Sensex: (38129) The support for the Sensex 37820-37740-37600-37440 and the resistance to the up move is at 38370-38402-38487-38606 levels.
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