Market Entered Negative Zone And Would Consolidate, Go Short At Every Positive Rally

Last Trading Session: Indian Stock Market opened flat for the day. EquityPandit predicted that if market closes below 11696 for Nifty then traders can close all long positions and initiate short positions in the market. Indian Stock Market fell down sharply breaching all the support levels. Finally, Indian Stock Market closed gap negative for the day.

Today: Indian Stock Market would open flat. Technically, Indian Stock Market including Nifty, BankNifty and Sensex entered into negative zone. Nifty has breached the channel support. Stochastic, MACD and all other indicators are indicating further downfall. Market may see some short covering after this sharp fall but traders can go short at every positive rally in the market for now.

Nifty:

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FIIs were net buyers of Rs.73.08 crores whereas DIIs were net sellers of Rs.68.16 crores in cash market for last trading session. Nifty would see strong support at 11570-11548-11520-11498 whereas strong resistance would be seen 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 Declared Today: ACC, Coromandel International, ICICI Securities, Indiabulls Integrated Services, Indiabulls Real Estate, Sterlite Technologies and Tata Global Beverages Ltd.

Stocks In F&O Ban Period: ADANIPOWER, DLF, IDBI, IDEA, JETWAIRWAYS, PCJEWELLER, RELCAPITAL.

NSE Nifty: (11594) The support for the Nifty is 11570-11548-11520-11498 and the resistance to the up move is at 11630-11682-11700-11730 levels.

NSE BankNifty: (29688) The support for BankNifty is at 29545-29400-29360-29240 and the resistance to the up move is at 29788-29880-29950-30027 levels.

BSE Sensex: (38645) The support for the Sensex is at 38445-38340-38265-38227-38100 and the resistance to the up move is at 38700-38747-38800-38950 levels.

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