Short Term Reversal Expected But Carry Long Position Home Only If Nifty Closes Above 11135

Last Trading Session: Indian Stock Market opened flat with positive biased as predicted by EquityPandit. EquityPandit predicted that market would continue to consolidate until it closes out of 10865-11141 range. Market moved negative while opening but recovered sharply for the day. Nifty saw highs right at EquityPandit’s predicted resistance levels of 11035 like a dot. Finally, Indian Stock Market closed gap positive for the day.

Today: Indian Stock Market would open positive. Technically, Indian Stock Market is still in negative zone. The sharp recovery in last trading session generated some positive sentiments. But still market is lying in a rangebound region. Market would see reversal only if it closes above 11135 for Nifty and 25651 for BankNifty. Though traders can go long with stoploss below 10880 for Nifty but long positions should be taken home only if Nifty closes above 11135 levels. At this juncture it looks like the bottom has been made for short term but its too early to depict this. closing above 11135 for Nifty would confirm that bottom has been made for short term and some positive rally would be seen whereas closing below 10865 would confirm the breakdown and a sharp downfall would be seen in that case. So, traders should remain cautious and trade with proper stoploss or hedging until market closes out of this range.

FIIs were net sellers of Rs.1841.63 crores whereas DIIs were net buyers of Rs.1804.94 crores in cash market for last trading session. Nifty would see strong support at 10947-10865-10836-10800 whereas strong resistance would be seen 11060-11088-11139-11182 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: NIL.

NSE Nifty: (11008) The support for the Nifty is 10947-10865-10836-10800 and the resistance to the up move is at 11060-11088-11139-11182 levels. levels.

NSE BankNifty: (25367) The support for BankNifty is at 25210-25070-24960-24820 and the resistance to the up move is at 25480-25532-25675-25835 levels.

BSE Sensex: (36526) The support for the Sensex is at 36422-36320-36235-36100 and the resistance to the up move is at 36660-36780-36880-36946 levels.

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