Market To See Sharp Downfall, Go Short If Nifty Closes Below 10446

Last Trading Session: Indian Stock Market opened flat for the day as predicted. EquityPandit predicted that market would see sharp positive rally only if Nifty closes above 10618 but market was not able to close above those levels and finally, Indian Stock Market saw some profit booking and closed negative for the day.

Today: Indian Stock Market would open gap negative. Technically, Indian Stock Market is still in positive zone. Indian Stock Market would see sharp downfall today. Market would enter into negative zone once it closes below 10446 for Nifty and 25341 for BankNifty. Traders can initiate fresh short position if market closes below these levels. Next logical target for Nifty is set to 10440-10400.

FIIs were net buyers of Rs.832.15 crores whereas DIIs were net sellers of Rs.1073.84 crores in cash market for last trading session. Nifty would see strong support at 10438-10380-10325-10300 whereas strong resistance would be seen 10504-10557-10632-10662 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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Important Quarterly Results To Be Declared Today: 8K Miles Software, Abbott India, Allahabad Bank, Apollo tyres, Ashok Leyland, BBTC, Bombay Dyeing, CG Power, Corporation Bank, Dilip Buildcon, Engineers India, GE T&D India, General Insurance Corporation, Glenmark Pharma, Grasim Industries, Hindustan Copper, Jindal Steel & Power, NCC, NMDC, PTC India, Sun Pharma, Suntech Realty, Tata Steel and TVS Srichakra Ltd.

Stocks In F&O Ban Period: ADANIPOWER.

NSE Nifty: (10482) The support for the Nifty is 10438-10380-10325-10300 and the resistance to the up move is at 10504-10557-10632-10662 levels.

NSE BankNifty: (25540) The support for BankNifty is 25400-25318-25245-25050 and the resistance to the up move is at 25735-25862-26025-26170 levels.

BSE Sensex: (34813) The support for the Sensex is at 34580-34500-34400-34311 and the resistance to the up move is at 34880-34980-35075-35240 levels.

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