Market To See A Bounce But Stay Cautious Until Nifty Holds Below 11417

Last Trading Session: Indian Stock Market opened positive as predicted by EquityPandit. EquityPandit predicted that market would open positive and would see short covering rally but traders should go short at every positive rally in the market and exactly same happened. Indian Stock Market opened gap positive and saw further short covering rally as predicted by EquityPandit. Sensex saw highs right at EquityPandit’s predicted resistance levels of 37530 like a dot and reversed from there. Traders who followed EquityPandit’s advice to go short at every positive rally might have earned huge profits for the day. Finally, Indian Stock Market closed gap negative for the day.

Today: Indian Stock Market would open gap positive. Technically, Indian Stock Market is still in negative zone but now we could see some bounceback as market is over-stretched and near its support levels. Market would consolidate in a range as Nifty possess strong resistance near 11300-11335. Nifty is forming a Channel where downside is open and upside is capped near 11400 levels. A permanent reversal would be seen only if Nifty closes above 11417. Market would see breakout only if it closes above 11417 but until then every positive movement would be considered just a reaction and overall market would be considered bearish. Though market would be positive but bullish sentiments would be seeing only if Nifty closes above 11417 and until then traders should remain cautious and trade with either hedging or a strict stoplosses.

FIIs were net seller of Rs.2184.55 crores whereas DIIs were net buyers of Rs.1201.30 crores in cash market for last trading session. Nifty would see strong support at 11225-11200-11175-11125 whereas strong resistance would be seen 11300-11365-11409-11445 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

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Stocks In F&O Ban Period: ADANIENT, BALRAMCHIN and WOCKPHARMA.

NSE Nifty: (11234) The support for the Nifty is 11225-11200-11175-11125 and the resistance to the up move is at 11300-11365-11409-11445 levels.

NSE BankNifty: (26277) The support for BankNifty is at 26235-26180-26100-26078 and the resistance to the up move is at 26455-26518-26580-26660-26715 levels.

BSE Sensex: (37121) The support for the Sensex is at 37110-37072-36980-36854 and the resistance to the up move is at 37360-37425-37530 levels.

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