Initiate Long If Market Closes Above 11058 For Nifty And 27037 For BankNifty

Last Trading Session: Indian Stock Market opened flat exactly as predicted. EquityPandit predicted that market is still in negative zone but would continue to consolidate until Nifty breaks 10925-11058 range and exactly same happened. EquityPandit also predicted that traders can go long only if Nifty closes above 11058 but until then traders can hold short positions in the market. Indian Stock Market moved negative and saw lows right at EquityPandit’s predicted support levels of 26721 for BankNifty and moved sharply positive from there. Finally, Indian Stock Market managed to close gap positive for the day.

Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still in negative zone. Market would enter into positive zone once it closes above 11058 for Nifty and 27037 for BankNifty. Market saw sharp bullish movement in last trading session and hence there are chances that it may managed to close above 11058 for Nifty. If market manages to close above EquityPandit’s predicted reversal levels, then traders can close all short positions and initiate fresh long positions in the market. Nifty once manages to close above previous highs of 11080, then it would see sharp positive rally in days to come. Overall, traders can wait for Nifty to close above 11058 and if that happens, traders can go long into the market.

FIIs were net buyers of Rs.310.27 crores whereas DIIs were net sellers of Rs.50.73 crores in cash market for last trading session. Nifty would see strong support at 10980-10947-10921 whereas strong resistance would be seen 11060-11080-11139-11175 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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Important Q1 results to be disclose today: ACC, Delta Corp, Granules India, Hindustan Zinc, Indiabulls Ventures, L&T Technology Services, Lakshmi Machine Works, L&T Infotech, Linde India, Tejas Networks, Vijaya Bank, V-Mart Retail Ltd and Welspun Corp Ltd.

Stocks In F&O Ban Period: ADANIENT and ADANIPOWER.

NSE Nifty: (11010) The support for the Nifty is 10980-10947-10921 and the resistance to the up move is at 11060-11080-11139-11175 levels.

NSE BankNifty: (26873) The support for BankNifty is at 26721-26685-26600-26500 and the resistance to the up move is at 26950-27005-27075-27165 levels.

BSE Sensex: (36496) The support for the Sensex is at 36320-36214-36100 and the resistance to the up move is at 36700-36750-36780-36880 levels.

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