Initiate Short Positions If Nifty Closes Below 10775

Last Trading Session: Indian Stock Market opened flat for the day. EquityPandit predicted that market is still consolidating and market would be considered bullish only if BankNifty closes above 26681 or else it would be bearish if Nifty closes below 10775 but until then market would continue to consolidate and exactly same happened. EquityPandit also predicted that BankNifty is weak and is still in negative trend and exactly same happened. Indian Stock Market moved higher but saw highs right at EquityPandit’s predicted resistance levels of 10835 for Nifty like a dot. Market saw sharp profit booking from there and fell down sharply. Market recovered from day lows in later half of the trading session and managed to close flat for the day. BankNifty closed negative for the day.

Today: Indian Stock Market would open negative. Technically, analysis would still remain same. Nifty is still in positive zone whereas BankNifty is in negative zone. BankNifty would see reversal and enter into positive zone only if it closes above 26681 whereas Nifty would see reversal and enter into negative zone if it closes below 10775. Market trend would be confirmed when both BankNifty and Nifty move in same trend and until then market would continue to consolidate. Traders should wait for either of these two happen and trade in that direction but until then traders should remain cautious. Traders should initiate short positions if Nifty managed to close below 10775.

FIIs were net sellers of Rs.1524.74 crores whereas DIIs were net buyers of Rs.561.01 crores in cash market for last trading session. Nifty would see strong support at 10800-10775-10722-10700 whereas strong resistance would be seen 10835-10880-10906-10975 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

Click Here to Check the Trend Of Major Indices and Stocks

Stocks In F&O Ban Period: DHFL, JETAIRWAYS and JUSTDIAL.

NSE Nifty: (10818) The support for the Nifty is 10800-10775-10722-10700 and the resistance to the up move is at 10835-10880-10906-10975 levels.

NSE BankNifty: (26417) The support for BankNifty is at 26320-26280 and the resistance to the up move is at 26590-26681-26715-26800 levels.

BSE Sensex: (35622) The support for the Sensex is at 35500-35480-35380-35260 and the resistance to the up move is at 35660-35750-35880-35970 levels.

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