Market Near Resistance But Initiate Short Only If Nifty Closes Below 10978

Last Trading Session: Indian Stock Market opened flat as predicted by EquityPandit. EquityPandit predicted that the market is over stretched but still bullish until Nifty holds above 10978 and exactly the same happened. Indian Stock Market opened flat and moved sharply negative to see lows right at EquityPandit’s predicted support levels of 11100 for Nifty and 37740 for Sensex like a dot. Market saw sharp recovery from there as predicted by EquityPandit and saw highs right at EquityPandit’s predicted resistance levels of 11237 for Nifty like a dot. SBI Share Price moved sharply positive followed by ICICI Bank, Reliance Industries, Kotak Bank and Techm who helped the market to see sharp positive movement. Traders who followed EquityPandit’s advice might have made decent profits for the day. Finally, Indian Stock Market closed the gap positive for the day.

Today: Indian Stock Market would open negative. Technically, Indian Stock Market is still in a positive zone. But the market is overstretched for now. Market would enter into a negative zone once it closes below 10994 for Nifty and 22324 for BankNifty. Now traders should hedge their positions to lock in the profits and stay bullish until the market holds above these reversal levels. Traders can initiate fresh short positions if the market closes below these levels.

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Nifty:

BankNifty:

Check the Trend Of Major Indices and Stocks

FIIs were net buyers of Rs.1740.50 crores whereas DIIs were net sellers of Rs.931.91 crores in the cash market for the last trading session. Nifty would see strong support at 11145-11100-11085-11024  whereas strong resistance would be seen at 11185-11205-11237-11265-11308 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: Ambuja Cements, Asian Paints, Atul Ltd, CCL Products, Chennai Petroleum Corporation, Coromandel International, Crompton Greaves, GHCL Ltd, ITC Ltd, JSW Steel, Lakshmi Machine Works, Scheffler India, TCI Express, Welspun and Zee Entertainment Enterprises Ltd.

NSE Nifty: (11215) The support for the Nifty is 11175-11145-11100-11085 and the resistance to the up move is at 11237-11265-11308-11380.

NSE BankNifty: (23084) The support for BankNifty is 22770-22615-22515-22375-22240 and the resistance to the up move is 22110-23240-23440-23605.

BSE Sensex: (38140) The support for the Sensex 37820-37740-37600-37440 and the resistance to the up move is at 38370-38402-38487-38606 levels.

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