Short Covering To Be Seen But Go Short At Rally Until Market Trades Below 11645 

Last Trading Session: Indian Stock Market opened flat for the day. EquityPandit predicted that Indian Stock Market has entered into negative zone and traders can go short at every positive rally in the market and exactly same happened. Indian Stock Market opened flat and moved sharply positive for the day. Traders who followed EquityPandit’s advice to go short at every positive rally might have earned whopping profits for the day. Finally, Indian Stock Market closed negative for the day.

Today: Indian Stock Market would open positive. Technically, Indian Stock Market is still in negative zone. Though market would consolidate and may see some short covering rally but Traders can continue to hold short positions for now. Nifty to see immediate support near 11550-11500 levels and breaching which, market can fell down to 11400-11350 levels for Nifty. Market would see immediate resistance at 11645 levels where 9-days EMA is placed. Nifty needs to close above 11706 to enter into positive zone again and until then traders can go short at every positive rally in the market.

Nifty:

BankNifty:

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FIIs were net sellers of Rs.237.47 crores whereas DIIs were net buyers of Rs.198.35 crores in cash market for last trading session. Nifty would see strong support at 11570-11548-11520-11498 whereas strong resistance would be seen 11630-11682-11700-11730 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: Bharti Infratel, Hexaware Technologies, ICICI Prudential Life Insurance, Indiabulls Housing Finance, Mahindra & Mahindra Financial Services, Shriram City Union Finance, Syngene International, Tata Elxsi and Ultratech Cement.

Stocks In F&O Ban Period: ADANIPOWER, DLF, IDBI, IDEA, JETWAIRWAYS, PCJEWELLER and RPOWER.

NSE Nifty: (11576) 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: (29480) The support for BankNifty is at 29400-29360-29240-29110 and the resistance to the up move is at 29565-29700-29788-29880-29950 levels.

BSE Sensex: (38565) The support for the Sensex is at 38445-38340-38265-38227-38100 and the resistance to the up move is at 38700-38747-38800-38950 levels.

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