Market To See Some Profit Booking But Initiate Short Only If Nifty Below 11182
Last Trading Session: Indian Stock Market opened positive as predicted. EquityPandit predicted that BankNifty entered the positive zone and traders should go long at every dip in the market and exactly the same happened. Indian Stock Market moved sharply positive and traders, who followed EquityPandit’s advice, might have earned huge profits for the day. Axis Bank (+3.92%), IndusInd Bank (+2.48%), ITC (+2.11%) and HDFC (+1.55%) were the top gainers that contributed to the market’s positive movement. Finally, Indian Stock Market closed the gap positive for the day.
Market Today: Indian Stock Market would open negative. Technically, Indian Stock Market is still in the positive zone. Market would see profit booking now as it is over-stretched but would be considered bearish only if it closes below 11182 for Nifty and 21680 for BankNifty. Although the market would see some downfall but traders should initiate fresh short positions only if it closes below EquityPandit’s reversal levels of 11182 for Nifty and 21680 for BankNifty.
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FIIs were net buyers of Rs.1013.66 crores whereas DIIs were net sellers of Rs.1415.54 crores in the cash market for the last trading session. Nifty would see strong support at 11274-11235-11165-11100 whereas strong resistance would be seen at 11340-11390-11430-11455 levels. EquityPandit’s support and resistance levels always meet accuracy and hence traders are suggested to follow them for good profits.
Important Results To Be Declared Today: Aurobindo Pharma, Bharat Forge, Aarti Industries, Aavas Financiers, Ashok Leyland, Cummins, Natco Pharma, Tata Power and Wabco India.
NSE Nifty: (11323) The support for the Nifty is 11274-11235-11165-11100 and the resistance to the up move is at 11345-11390-11430-11455.
NSE BankNifty: (22227) The support for BankNifty is 22000-21925-21815-21675 and the resistance to the up move is 22385-22545-22745-22850.
BSE Sensex: (38407) The support for the Sensex 38340-38265-38227-38100 and the resistance to the up move is at 38487-38635-38700-38747-38800 levels.
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