Market Still Bullish Until Nifty Holds Above 11503, Continue Long Positions

Last Trading Session: Indian Stock Market opened flat exactly as predicted by EquityPandit. EquityPandit predicted that Indian Stock Market would see some profit booking at this point of time but overall market is bullish and traders can continue to hold long positions until 11500 holds for Nifty. Indian Stock Market moved positive but saw profit booking at higher levels as predicted by EquityPandit. Nifty saw lows right at EquityPandit’s predicted support levels of 11570 like a dot. BankNifty moved sharply positive for the day. Finally, Indian stock Market closed negative for the day. Sensex closed right at EquityPandit’s predicted support levels of 38965 like a dot. BankNifty closed gap positive for the day.

Today: Indian Stock Market would open flat with negative bias. Technically, Indian Stock Market is still in positive zone. Market would enter into negative zone only if it closes below 11503 for Nifty and 28806 for BankNifty but until then every downfall is an opportunity to go long in the market and traders should continue to hold long position. Nifty is already forming a Cup and Handle Pattern and is about to see a breakout. BankNifty is also forming bullish pattern. Traders, should initiate short positions only if it closes below these levels but until then every downtrend is an opportunity to go long in the market.

Nifty:

BankNifty:

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FIIs were net sellers of Rs.557.5 crores whereas DIIs were net sellers of Rs.985.47 crores in cash market for last trading session. Nifty would see strong support at 11515-11498-11450-11412 whereas strong resistance would be seen at 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 Disclosed Today: Bajaj Auto, Bajaj Holdings, Biocon, Castrol India, Crompton Greaves, Dishman Carbogen Amcis, GHCL, Havells India, HCL Technologies, HDFC Life Insurance, Hero MOtoCorp, Hexaware Technologies, IIFL Finance Ltd, Indian Bank, Inox Leisure, IRB Infra, JM Financial, JSW Steel, Kajaria Ceramics, L&T, Mahindra CIE Automotive, NIIT Technologies, PI Industries, Polycab India, Shoppers Stop, Tejas Networks and Torrent Pharmaceuticals.

NSE Nifty: (11588) The support for the Nifty is 11515-11498-11450-11412 and the resistance to the up move is at 11630-11682-11700-11730 levels.

NSE BankNifty: (29411) The support for BankNifty is 29360-29240-29110 and the resistance to the up move is 29565-29700-29788-29880 levels.

BSE Sensex: (38964) The support for the Sensex is 38870-38800-38747-38700-38540 and the resistance to the up move is at 39055-39115-39240-39380 levels.

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