Consolidation To Continue Until Nifty Closes Out Of 10865-11141 Range

Last Trading Session: Indian Stock Market opened positive as predicted by EquityPandit. EquityPandit predicted that analysis would remain same and for fresh movement, market needs to close out of 10865-11182 range but until then market would be considered bearish and every positive rally would end up in profit booking and exactly same happened. Indian Stock Market moved positive but was not able to hold higher levels and fell down sharply to test EquityPandit support of 10865 levels for Nifty and 35980 levels for Sensex. Market managed to hold those support on closing basis thus saving the broader trend to see a breakdown. Finally, Indian Stock Market closed negative for the day.

Today: Indian Stock Market would open flat with positive bias. Technically, analysis would still remain same and Indian Stock Market is still in negative zone. Market now need to close out of the 10865-11141 range for Nifty to see a fresh movement and until then market would continue to consolidate. Overall, the major sectors and stocks have just shown negative signals on their monthly charts and that suggests that market would be bearish in upcoming months. There are chances that market would see some short covering rally but again it would end up with a sharp profit booking. Closing below 10865 for Nifty would force market to see a breakdown where immediate support exists at 10800 for Nifty and breaching which we would see a sharp downfall of another 150-300 points in Nifty. Closing above 11141 for Nifty would bring in some buying and would indicate some bullishness in the market again. Traders should not go long until Nifty closes above 11141 and until then every positive movement would be an opportunity to go short in the market.

FIIs were net sellers of Rs.1699.94 crores whereas DIIs were net buyers of Rs.3256.34 crores in cash market for last trading session. Nifty would see strong support at 10896-10865-10836-10800-10770 whereas strong resistance would be seen 10990-11035-11060-11088 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: NIL.

NSE Nifty: (10930) The support for the Nifty is 10896-10865-10836-10800-10770 and the resistance to the up move is at 10990-11035-11060-11088 levels. levels.

NSE BankNifty: (25120) The support for BankNifty is at 25210-25070-24960-24918-24830-24772-24714 and the resistance to the up move is at 25190-25240-25380-25480 levels.

BSE Sensex: (36227) The support for the Sensex is at 36100-36065-35980-35800 and the resistance to the up move is at 36465-36540-36600-36660 levels.

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