Further Downfall To Be Seen, Downside Open Until 11400 for Nifty

Last Trading Session: Indian Stock Market opened positive as predicted by Equitypandit. EquityPandit predicted that market would see short covering but would be considered bullish only if it manages to close above 11725 for Nifty and 30088 levels for BankNifty but until then market would remain choppy and exactly same happened. Indian Stock Market moved sharply positive but was not able to sustain higher levels and fell down sharply. Indian Stock Market saw lows right near EquityPandit’s predicted support levels of 11498 for Nifty and 38227 for Sensex. Finally, Indian Stock Market closed gap negative for the day.

Today: Indian Stock Market would open negative. Technically, Indian Stock Market is still in negative zone. BankNifty has already achieved targets of the Triangle pattern and now forming Head and Shoulder Pattern. Nifty has already confirmed Head and Shoulder Pattern and seen a breakdown. Head and Shoulder Pattern suggest bearish trend and a further downfall would be seen. Traders can continue to hold short positions for now and should not initiate any long positions until any reversal is indicated.

Nifty:

BankNifty:

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FIIs were net sellers of Rs.645.08 crores whereas DIIs were net buyers of Rs.818.84 crores in cash market for last trading session. Nifty would see strong support at 11450-11412-11370-11340 whereas strong resistance would be seen 11518-11560-11585-11620 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: Alembic Pharma, Chennai Petroleum Corporation, Dishman Carbogen Amcis, EID Parry, Gillete India, KEC International, Procter & Gamble Hygiene and Health Care, Rain Industries, Tata Communication and Titan Company Ltd.

Stocks In F&O Ban Period: JETAIRWAYS.

NSE Nifty: (11498) The support for the Nifty is 11450-11412-11370-11340 and the resistance to the up move is at 11518-11560-11585-11620 levels.

NSE BankNifty: (29288) The support for BankNifty is at 29110-29027-28950-28815 and the resistance to the up move is at 29400-29520-29705-29800 levels.

BSE Sensex: (38277) The support for the Sensex is at 38140-38085-38956-37820 and the resistance to the up move is at 38370-38402-38487-38565-38700 levels.

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