Market In Bear Grip, Go Short At Every Positive Rally Until Nifty Below 11035

Last Trading Session: Indian Stock Market opened flat for the day. EquityPandit predicted that short term reversal expected but confirmation would be seen only if Nifty closes out of the range of 10865-11135 levels. Market was not able to sustain higher levels and fell down sharply. Market was not able to hold even on the support levels and finally closed gap negative for the day.

Today: Indian Stock Market would open gap negative. Technically, Indian Stock Market is still in negative zone. Close below EquityPandit’s predicted levels of 10865 clearly suggests that market is bearish and further breakdown can’t be ruled out for now. Market is forming Triangle Chart Pattern and the pattern suggests that Nifty could see a fall of around 300 points in days to come with the logical targets of 10560 levels. IT Sector would remain under threat in upcoming days and can see a deeper downfall. Nifty needs to close above 11035 levels to negate this pattern and until then every positive movement would be an opportunity for traders to go short in the market.

FIIs were net sellers of Rs.1550.04 crores whereas DIIs were net buyers of Rs.1402.47 crores in cash market for last trading session. Nifty would see strong support at 10800-10775-10722-10700 whereas strong resistance would be seen 10905-10975-11000-11035 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: NIL.

NSE Nifty: (10858) The support for the Nifty is 10800-10775-10722-10700 and the resistance to the up move is at 10905-10975-11000-11035 levels. levels.

NSE BankNifty: (25070) The support for BankNifty is at 25000-24798-24618-24500 and the resistance to the up move is at 25150-25202-25265-25340-25480 levels.

BSE Sensex: (35975) The support for the Sensex is at 35730-35599-35518-35410 and the resistance to the up move is at 36065-36117-36215-36365 levels.

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