Sharp Breakdown To Be Seen If Nifty Closes Below 11328, Until Then Market To Consolidate

Last Trading Session: Indian Stock Market opened gap negative for the day as predicted by EquityPandit. EquityPandit predicted that though market has entered into positive zone but broader market pattern is showing Lower High Lower Low chart pattern that suggest further profit booking and exactly same happened. Market moved sharply negative and was not able to sustain near immediate support levels. Nifty saw lows right at EquityPandit’s predicted support levels of 11365 like a dot. Market remained negative for the whole day and finally managed to close gap negative for the day. Sensex closed right at EquityPandit’s predicted support levels of 37385 like a dot.

Today: Indian Stock Market would open negative. Technically, Indian Stock Market is still in positive zone but broader indices are experiencing bearish sentiments. US China Trade war is a worry for all markets across the globe. Indian Stock Market would enter into negative zone once it closes below 11328 for Nifty and 26710 for BankNifty. If market has to recover then this would be the last opportunity. There is some possibility of consolidation at this point but once market managed to close below 11328 for Nifty and 26710 for BankNifty then we would see sharp breakdown in the market. Traders can initiate fresh short positions if market managed to close below these levels.

FIIs were net seller of Rs.106.54 crores whereas DIIs were net sellers of Rs.180.36 crores in cash market for last trading session. Nifty would see strong support at 11340-11300-11260-11230 whereas strong resistance would be seen 11409-11445-11470-11500 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: ADANIENT.

NSE Nifty: (11378) The support for the Nifty is 11340-11300-11260-11230 and the resistance to the up move is at 11409-11445-11470-11500 levels.

NSE BankNifty: (26820) The support for BankNifty is at 26721-26685-26600-26500 and the resistance to the up move is at 26922-27005-27075-27165 levels.

BSE Sensex: (37585) The support for the Sensex is at 37550-37430-37340-37290 and the resistance to the up move is at 37665-37740-37880-38000 levels.

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