Short Covering May Be Seen But Market Bullish Only If Nifty Closes Above 11725

Last Trading Session: Indian Stock Market opened negative as predicted by EquityPandit. EquityPandit predicted that market would be bullish only if BankNifty closes above 30088 spot levels but until then market would continue to see choppy movement and exactly same happened. Indian Stock Market saw sharp profit booking and remained choppy for the day. Finally, Indian Stock Market closed gap negative for the day.

Today: Indian Stock Market would open positive. Technically, Nifty has also entered into negative zone. BankNifty was already in negative zone and now, market as a whole is choppy until and unless market closes above 11725 for Nifty and 30088 for BankNifty but until then market would continue to consolidate and see profit booking as well. Now market needs to close above these levels to continue its positive momentum but until then traders should wait and watch as downside looks limited. Though market has seen downtrend yesterday but both Nifty and BankNifty has formed Doji candlestick pattern which is an indecisive pattern and trend may reverse with a bounce. Trading above 11632 for Nifty would attract further buying in the market.

Nifty:

BankNifty:

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FIIs were net sellers of Rs.948.98 crores whereas DIIs were net buyers of Rs.89.89 crores in cash market for last trading session. Nifty would see strong support at 11700-11685-11650-11616 whereas strong resistance would be seen 1630-11682-11700-11730 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 Declared Today: ABB India, CEAT Ltd, Escorts Ltd, Essel Propack, Jyothy Laboratories, Mahindra Logistics, Rastriya Chemicals and Fertilizers, Sanofi India, Star Cement, Sun Pharma Advanced Resarch Company, Supreme Industries, VIP Industries and Vedanta Ltd.

Stocks In F&O Ban Period: JETAIRWAYS.

NSE Nifty: (11598) The support for the Nifty is 11570-11548-11520-11498 and the resistance to the up move is at 11630-11682-11700-11730 levels.

NSE BankNifty: (29703) The support for BankNifty is at 29650-29545-29400 and the resistance to the up move is at 29786-29880-29950-30027 levels.

BSE Sensex: (38600) The support for the Sensex is at 338445-38340-38265-38227-38100 and the resistance to the up move is at 38700-38747-38800-38950-39089 levels.

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