Market Would Rebound But Go Short At Positive Rally As Nifty Enters Negative Zone
Last Trading Session: Indian Stock Market opened flat with positive bias. EquityPandit predicted that Indian Stock Market is overstretched and we would see some profit booking and exactly the same happened. EquityPandit also predicted that traders can go short below 11795 for Nifty. Market saw a sharp downfall for the day on the account of profit booking as predicted. Finally, Indian Stock Market closed the gap negative for the day.
Market Today: Indian Stock Market would open positive. Technically, Indian Stock Market including Nifty, BankNifty and Sensex have entered into negative zone. Now traders can continue to go short at every positive movement in the market. We would see some short covering after yesterday’s sharp downfall but traders can go short at every positive movement for now.
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FIIs were net sellers of Rs.604.07 crores whereas DIIs were net sellers of Rs.808.29 crores in the cash market for the last trading session. Nifty would see strong support at 11600-11570-11530-11500 whereas strong resistance would be seen at 11700-11730-11770-11850 levels. EquityPandit’s support and resistance levels always meet accuracy and hence traders are suggested to follow them for good profits.
NSE Nifty: (11680) The support for the Nifty is 11600-11570-11530-11500 and the resistance to the up move is at 11700-11730-11770-11850.
NSE BankNifty: (23072) The support for BankNifty is 22850-22740-22615-22515 and the resistance to the up move is 23170-23380-23500-23660.
BSE Sensex: (39728) The support for the Sensex today is 39630-39450-39335-39200 and the resistance to the up move is at 39880-39970-40035-40110-40270 levels.
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