Market To See Short Covering But Go Short At Every Positive Rally For Now

Last Trading Session: Indian Stock Market opened flat for the day whereas BankNifty opened gap negative for the day. EquityPandit predicted that broader indices are experiencing bearish sentiments and Indian Stock Market would see sharp breakdown once it breaches 11328 for Nifty and 26710 for BankNifty and exactly same happened. Market saw highs right at EquityPandit predicted resistance levels of 37740 for Sensex and 11409 for Nifty like a dot. Market fell down sharply from its highs and saw support near EquityPandit’s predicted support levels of 11260. Finally, Indian Stock Market closed gap negative for the day. Sensex closed right at EquityPandit’s predicted support levels of 37290 like a dot.

Today: Indian Stock Market would open positive. Technically, Indian Stock Market has entered into negative zone. Market may see some reactive bounce after consecutive two days of downfall but traders can go short at every positive rally in the market. Overall, market is bearish and traders can continue to hold short positions in the market. BankNifty also looks to have a deeper correction. Once Nifty breaches below 11250, next logical target would be 11160-11100 in upcoming days.

FIIs were net seller of Rs.1143.73 crores whereas DIIs were net buyers of Rs.264.66 crores in cash market for last trading session. Nifty would see strong support at 11225-11200-11175-11125 whereas strong resistance would be seen 11300-11365-11409-11445 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

Click Here to Check the Trend Of Major Indices and Stocks

Stocks In F&O Ban Period: ADANIENT and BALRAMCHIN.

NSE Nifty: (11279) The support for the Nifty is 11225-11200-11175-11125 and the resistance to the up move is at 11300-11365-11409-11445 levels.

NSE BankNifty: (26441) The support for BankNifty is at 26320-26180-26100-26078 and the resistance to the up move is at 26518-26580-26660-26715 levels.

BSE Sensex: (37291) The support for the Sensex is at 37165-37110-37072-36980-36854 and the resistance to the up move is at 37360-37425-37530 levels.

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