Nifty In Negative Zone But Would See Some Bounce, Bullish Only Above 10810

Last Trading Session: Indian Stock Market opened positive for the day. Indian Stock Market saw sharp downfall but managed to recover sharply. Finally, Indian Stock Market closed marginally negative for the day.

Today: Indian Stock Market would open positive. Technically, Indian Stock Market is in negative zone for now. Market would enter into positive trend once it closes above 10810 for Nifty and 27078 for BankNifty. Market has formed Cup and Handle Chart pattern in Intraday chart of last trading session that suggest some positive movement. Daily charts have formed Hammer Candlestick Pattern that is again a reversal pattern and suggests positive movement. Though market is in negative zone for now but trading above 10750 for Nifty spot levels would force market to see sharp recovery and bullish movement on intraday basis. Traders can take long positions home only if market closes above 10810 for Nifty and 27078 for BankNifty on spot basis.

FIIs were net sellers of Rs.966.43 crores whereas DIIs were net buyers of Rs.853.25 crores in cash market for last trading session. Nifty would see strong support at 10700-10675-10645-10600 whereas strong resistance would be seen 10780-10803-10820-10860-10880 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, CGPOWER, JETAIRWAYS, JISJALEQS, PCJEWELLER and RPOWER.

Important Results To Be Disclosed Today: Ambuja Cements Ltd.

NSE Nifty: (10724) The support for the Nifty is 10700-10675-10645-10600 and the resistance to the up move is at 10780-10803-10820-10860-10880 levels.

NSE BankNifty: (26794) The support for BankNifty is at 26720-26600-26500-26440-26365 and the resistance to the up move is at 26950-27005-27075-27205 levels.

BSE Sensex: (35809) The support for the Sensex is at 35774-35670-35585-35540-35500 and the resistance to the up move is at 35970-36067-36290-36465 levels.

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