Market Overstretched And To See Some Profit Booking, Initiate Short Only Below 11795 For Nifty
Last Trading Session: Indian Stock Market opened negative. EquityPandit predicted that the market would enter the negative zone only if it closes below 11795 but until then traders can continue to hold long positions in the market and exactly the same happened. Indian Stock Market moved negative while opening but recovered sharply and managed to close positive for the day. Traders, who followed EquityPandit’s advice might have earned huge profits for the day. Finally, Indian Stock Market closed positive for the day.
Market Today: Indian Stock Market would open flat with positive bias. Technically, Indian Stock Market is still in the positive zone. Market would enter into a negative zone if it closes below 11795 for Nifty and 23297 for BankNifty. Traders can initiate fresh short positions if the market closes below these reversal levels. Market is overstretched and some profit booking can’t be ruled out at this point of time but traders should wait before going short until the market closes below EquityPandit predicted reversal levels.
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FIIs were net buyers of Rs.821.86 crores whereas DIIs were net sellers of Rs.1276.14 crores in the cash market for the last trading session. Nifty would see strong support at 11900-11865-11830-11800-11748 whereas strong resistance would be seen at 12005-12041-12083-12110 levels. EquityPandit’s support and resistance levels always meet accuracy and hence traders are suggested to follow them for good profits.
NSE Nifty: (11971) The support for the Nifty is 11900-11865-11830-11800-11748 and the resistance to the up move is at 12005-12041-12083-12110.
NSE BankNifty: (23875) The support for BankNifty is 23658-23550-23465-23330 and the resistance to the up move is 24035-24110-24200-24270-24440.
BSE Sensex: (40795) The support for the Sensex today is 40660-40600-40518-40440 and the resistance to the up move is at 40880-41035-41110-41270 levels.
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