Short Covering Expected But Take Long Positions Home Only If Nifty Closes Above 11291

Last Trading Session: Indian Stock Market opened gap positive as predicted by EquityPandit. EquityPandit predicted market would see bounceback but it would be temporary. EquityPandit also predicted that downside is open for the market whereas upside is capped at 11417 and hence until Nifty breaches 11417 levels, market would be considered bearish and exactly same happened. Indian Stock Market saw a sharp bounceback as predicted by EquityPandit but was not able to breach Equitypandit’s predicted resistance levels. Sudden selling in DHFL and other Housing Finance companies led a sharp crash in the market. EquityPandit already predicted that downside is open for Nifty and BankNifty and hence Indian Stock Market fell down sharply negative and saw a fall of around 500 points for Nifty and 1400 points for BankNifty from Intraday highs. Traders, who followed EquityPandit’s advice might have earned huge profits for the day. Finally, Indian Stock Market closed gap negative for the day.

Today: Indian Stock Market would open flat with positive bias. Technically, Indian Stock Market is still in negative zone but market has made bottom of 10866 for Nifty in last trading session. There are chances that market may see some recovery from here but market would be considered bullish only if it closes above 11291 for Nifty and 26285 for BankNifty. Until then market would be considered bearish and there would be a fear of further downfall. Since, all the supports have been broken, so there would be fear of sudden selling in the market. Nifty if managed to break the lows of last trading session i.e. 10866, then we may see sharp downfall till 10500 in days to come. But it looks like 10866 was a near term bottom and some recovery could be seen. Further direction would be confirmed after today’s movement. Traders can take long positions home only if Nifty closes above 11291 and until then trade cautiously as market would be highly volatile.

FIIs were net buyers of Rs.760.70 crores whereas DIIs were net buyers of Rs.497.03 crores in cash market for last trading session. Nifty would see strong support at 11090-11024-11000-10980-10800 whereas strong resistance would be seen 11200-11290-11330-11365 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

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Stocks In F&O Ban Period: ADANIENT, ADANIPOWER and WOCKPHARMA.

NSE Nifty: (11143) The support for the Nifty is 11090-11024-11000-10980-10800 and the resistance to the up move is at 11200-11290-11330-11365 levels.

NSE BankNifty: (25597) The support for BankNifty is at 25450-25400-25318-25245-25050 and the resistance to the up move is at 25735-25862-26025-26170 levels.

BSE Sensex: (36843) The support for the Sensex is at 36708-36600-36518-36422-36320 and the resistance to the up move is at 37025-37075-36180-36325 levels.

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