Last Trading Session: Indian Stock Market opened negative exactly as predicted. EquityPandit predicted that traders can go long at dips until Nifty holds above 11425 but below these levels, traders can initiate fresh short positions. Indian Stock Market moved sharply negative and breached our reversal levels. Breaching the suggested reversal levels of 11425, forced the market to see sharp downfall. Finally, Indian Stock Market closed gap negative for the day and also managed to close below the suggested reversal levels.
Market Today: Indian Stock Market would open positive. Now, Nifty has also entered into negative zone while BankNifty was already in negative zone. Now the market would continue to see further downtrend in days to come. The next target of Nifty is 11100-10880. Market would enter into a positive zone if it closes above 11525 for Nifty and 22244 levels for Bank Nifty but until then every positive rally would be an opportunity to go short in the market. Traders can continue to hold short positions for now as the market would see further downfall in days to come.
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FIIs were net sellers of Rs.539.81 crores whereas DIIs were net sellers of Rs.517.95 crores in the cash market for the last trading session. Nifty would see strong support at 11200-11145-11100-11085-11024 whereas strong resistance would be seen at 11265-11308-11340-11390 levels. EquityPandit’s support and resistance levels always meet accuracy and hence traders are suggested to follow them for good profits.
NSE Nifty: (11251) The support for the Nifty is 11200-11145-11100-11085-11024 and the resistance to the up move is at 11265-11308-11340-11390.
NSE BankNifty: (21367) The support for BankNifty is 21065-20878-20745-20620 and the resistance to the up move is 21560-21715-21862-22000.
BSE Sensex: (38034) The support for the Sensex today is 37880-37740-37600-37440 and the resistance to the up move is at 38180-38370-38402-38487 levels.
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