Further Short Covering To Be Seen But Market Still Bearish Until Nifty Closes Above 11840

Last Trading Session: Indian Stock Market opened negative as predicted by EquityPandit. EquityPandit predicted that some short covering may be seen but market still bearish for now. Market saw some positive rally on the account of short covering after a big downfall on the Union Budget day. Finally, Indian Stock Market closed positive for the day. BankNifty closed right below EquityPandit’s predicted resistance levels of 30027 like a dot.

Today: Indian Stock Market would open positive. Technically, Indian Stock Market is still in negative zone and would be considered as bearish for now. Though market would consolidate and may see further short covering rally but Market would enter into positive zone only above 11840 for Nifty and 30363 for BankNifty and until then traders should not initiate any fresh long positions. Traders should continue to hold short positions until market closes above 11840 for Nifty and 30363 for BankNifty. Once market manages to breach 11600 levels for Nifty, then we may see sharp breakdown in the market.

Nifty:

BankNifty:

Check the Trend Of Major Indices and Stocks

FIIs were net sellers of Rs.1200.27 crores whereas DIIs were net buyers of Rs.1286.63 crores in cash market for last trading session. Nifty would see strong support at 11600-11570-11530-11500 whereas strong resistance would be seen at 11700-11730-11770-11800 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

Important Results To Be Disclosed Today: Adani Green Energy, Adani Ports, Avanti Feeds, Bajaj Electricals, Balmer Lawrie & Company, Bharti Airtel, Exide Industries, Firstsource Solutions, Grindwell Nortan, JB Chemicals, Jindal Saw, JSW Energy, Mahindra Logistics, Oracle Financial Services Software, Piramal Enterprises, PNB, REC Ltd, Shipping Corporation Of India, Tata Global Beverages, Thermax, Titan company and TVS Motor Company.

NSE Nifty: (11708) The support for the Nifty is 11648-11600-11570-11530 and the resistance to the up move is at 11748-11770-11800-11840 levels.

NSE BankNifty: (30023) The support for BankNifty is 29860-29800-29721-29650 and the resistance to the up move is 30128-30280-30380-30460 levels.

BSE Sensex: (39872) The support for the Sensex is 39750-39600-39440-39380 and the resistance to the up move is at 39940-40035-40110-40270 levels.

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