Market To See Some Short Covering But Bullish Only Above 11877 For Nifty

Last Trading Session: Indian Stock Market opened positive for the day. EquityPandit predicted to hold short positions in the market until Nifty closes above 11973 and exactly same happened. Indian Stock Market moved sharply negative from there breaching all the support levels. Traders who followed EquityPandit’s advice to hold short positions might have earned whopping profits for the day. Finally, Indian Stock Market closed gap negative for the day.

Today: Indian Stock Market would open positive. Technically, Indian Stock Market is still in negative zone. Market may see some short covering rally (Positive movement) but it would be temporary in nature. EquityPandit already predicted last week that market once breaches trend line support for BankNifty and lower side of the Symmetrical Triangle for Nifty, then it would see sharp negative rally and market achieved its targets. Market would be considered bullish only if it manages to close above 11877 levels for Nifty and 30931 levels for BankNifty but until then market would be choppy and would see sideways movement for now.

Nifty:

BankNifty:

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FIIs were net sellers of Rs.331.27 crores whereas DIIs were net buyers of Rs.1257.86 crores in cash market for last trading session. Nifty would see strong support at 11630-11600-11570-11498 whereas strong resistance would be seen 11700-11730-11770-11800 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

Stocks In F&O Ban Period: IDBI, PCJEWELLER, RELCAPITAL and RELINFRA.

NSE Nifty: (11672) The support for the Nifty is 11630-11600-11570-11498 and the resistance to the up move is at 11700-11730-11770-11800 levels.

NSE BankNifty: (30280) The support for BankNifty is at 30140-30025-29970-29830 and the resistance to the up move is at 30380-30465-30515-30660 levels.

BSE Sensex: (38961) The support for the Sensex is at 38800-38747-38700-38540-38445 and the resistance to the up move is at 39027-39115-39240-39380 levels.

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