Market To See Some Short Covering But Go Short At Rally Until Nifty Below 11136

Last Trading Session: Indian Stock Market opened negative as predicted by EquityPandit. EquityPandit predicted that the Indian Stock Market would see further downfall and traders should go short at every positive rally in the market and exactly the same happened. Indian Stock Market fell down sharply and traders who followed EquityPandit’s suggestion might have earned whopping profits for the day. Finally, Indian Stock Market closed the gap negative for the day. Stocks that pulled the market down were Kotak Bank (-4.19%), IndusInd Bank (-3.95%), Axis Bank (-3.31%), ONGC (-3.07%), HDFC Bank (-2.98%).  BankNifty closed right at EquityPandit’s predicted support levels of 21065 like a dot.

Market Today: Indian Stock Market would open positive. Technically, Indian Stock Market is still in a negative zone. Market would see some short covering rally (Positive movement) today but would see reversal and enter into the positive zone only if it closes above 11136 for Nifty and 21870 for BankNifty. Until then, traders can go short at every positive rally near EquityPandit’s predicted resistance levels with stoploss above 11136 for Nifty and 21870 for BankNifty on closing basis.

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Nifty:

BankNifty:

Check the Trend Of Major Indices and Stocks

FIIs were net buyers of Rs.7818.49 crores whereas DIIs were net buyers of Rs.135.55 crores in the cash market for the last trading session. Nifty would see strong support at 10835-10745-10685-10600  whereas strong resistance would be seen at 10945-10980-11035-11130 levels. EquityPandit’s support and resistance levels always meet accuracy and hence traders are suggested to follow them for good profits.

Important Results To Be Declared Today: Astral Poly Technik, Dixon Technologies, ERIS Lifesciences, Godrej Consumer Products, Grindwell Norton, Gujarat Gas Ltd, Jindal Saw, JTEKT India, Mangalore Refinery and Petrochemicals, Narayana Hrudayalaya, PI Industries, Sun Pharma Advanced Research Company, Tata Consumer Products and Varun Beverages.

NSE Nifty: (10892) The support for the Nifty is 10835-10745-10685-10600 and the resistance to the up move is at 10945-10980-11035-11130.

NSE BankNifty: (21072) The support for BankNifty is 21550-21350-21065-20878 and the resistance to the up move is 21862-22000-22385.

BSE Sensex: (36940) The support for the Sensex 36888-36770-36700-36635-36500 and the resistance to the up move is at 37125-37270-37888-38035 levels.

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