Market To Consolidate But Initiate Short Only If Nifty Closes Below 11795
Last Trading Session: Indian Stock Market opened positive for the day. EquityPandit predicted that Indian Stock Market is still in a positive zone for now. Equitypandit also predicted that the market has seen a non-stop positive rally for the last 7 trading sessions and hence some profit booking can’t be ruled out but traders should continue long positions until Nifty holds above 11718 and exactly the same happened. Indian Stock Market opened gap positive and saw sharp profit booking for the day but finally, managed to close marginally positive for the day.
Market Today: Indian Stock Market would open flat with negative bias. Technically, Market is still in the positive zone. For now the market looks to consolidate. Market would enter into a negative zone only if it closes below 11795 for Nifty and 23297 for BankNifty. Traders can initiate fresh short positions if that happens but until then traders can hold long positions.
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FIIs were net buyers of Rs.615.17 crores whereas DIIs were net sellers of Rs.1028.77 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: (11931) 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: (23713) The support for BankNifty is 23658-23550-23465-23330 and the resistance to the up move is 24035-24110-24200-24270-24440.
BSE Sensex: (40594) 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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