Market Still In Positive Zone, Initiate Short Only If Nifty Closes Below 11718
Last Trading Session: Indian Stock Market opened positive for the day. Last week, Equitypandit suggested traders to continue long positions in the market until Nifty holds above 11312 and exactly the same happened. Indian Stock Market moved sharply positive for the day and saw highs near 11938 for the Nifty. Traders and investors who followed EquityPandit’s advice might have earned huge profits with this rally. Finally, Indian Stock Market closed the gap positive for the day.
Market Today: Indian Stock Market would open positive. Technically, Market is still in the positive zone. Market would enter into a negative zone only if it closes below 11718 for Nifty and 22934 for Bank Nifty. Market has seen non-stop positive rally for last 7 trading sessions and hence some profit booking can’t be ruled out but traders should initiate short positions only if market closes below EquityPandit’s predicted reversal levels of 11718 for Nifty and 22934 for BankNifty and until then traders can hold long positions in the market.
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FIIs were net sellers of Rs.39.39 crores whereas DIIs were net buyers of Rs.126.61 crores in the cash market for the last trading session. Nifty would see strong support at 11865-11830-11800-11748 whereas strong resistance would be seen at 11960-12005-12041-12083 levels. EquityPandit’s support and resistance levels always meet accuracy and hence traders are suggested to follow them for good profits.
NSE Nifty: (11914) The support for the Nifty is 11865-11830-11800-11748 and the resistance to the up move is at 11960-12005-12041-12083.
NSE BankNifty: (23847) The support for BankNifty is 23658-23550-23465-23330 and the resistance to the up move is 24035-24110-24200-24270-24440.
BSE Sensex: (40509) The support for the Sensex today is 40365-40240-40110-40035 and the resistance to the up move is at 40665-40740-40800-40880 levels.
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