Market To Open Gap Negative But Go Long At Dips Near Nifty Support Levels Of 11430

Last Trading Session: Indian Stock Market opened gap positive for the day. Indian Stock Market moved sharply positive for the day and finally closed gap positive for the day. Nifty managed to close above 11500 for the day.

Today: Indian Stock Market would open gap negative. Market has seen sharp bullish movement on Friday and Technically, Indian Stock Market including Nifty, Sensex and BankNifty has entered into positive zone but broader market pattern is showing Lower High Lower Low chart pattern that suggest further profit booking until Nifty closes above 11605 levels. 11460-11430 would act as immediate support for Nifty and market would be bullish until Nifty holds above 11430 on intraday basis. Breaching 11430 would infuse some selling in the market but traders should not initiate any short positions until Nifty holds above 11328 levels. Intraday traders can wait for a gap negative opening and can go long near 11430 levels with small stoplosses. Nifty would see immediate resistance near 11573-11604-11620, breaching which market would move towards now record highs. Though market has entered into positive zone but Market would confirm the bullish signals once it trades above 11525 levels. Overall, the trade is to wait for a gap negative opening and go long at dips near EquityPandit’s predicted support levels.

FIIs were net buyers of Rs.1090.56 crores whereas DIIs were net buyers of Rs.115.14 crores in cash market for last trading session. Nifty would see strong support at 11460-11430-11400-11365 whereas strong resistance would be seen 11573-11604-11620-11660 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 and BALRAMCHIN.

NSE Nifty: (11515) The support for the Nifty is 11460-11430-11400-11365 and the resistance to the up move is at 11573-11604-11620-11660 levels.

NSE BankNifty: (27164) The support for BankNifty is at 26988-26865-26800-26685 and the resistance to the up move is at 27240-27380-27470 levels.

BSE Sensex: (38091) The support for the Sensex is at 37865-37785-37640-37585 and the resistance to the up move is at 38240-38285-38340-38436 levels.

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