Initiate Fresh Short Only If BankNifty Closes Below 30451 But Until Then Hold Long

Last Trading Session: Indian Stock Market opened flat with positive bias as predicted by EquityPandit. EquityPandit predicted that Nifty has entered into negative zone whereas BankNifty is still in positive zone. EquityPandit also predicted that traders should initiate fresh short positions only if BankNifty closes below 30451. Market moved sharp negative and saw lows right at EquityPandit’s predicted support levels of 11800 for Nifty like a dot. Market recovered from these levels and saw sharp positive movement. BankNifty saw highs right near EquityPandit’s predicted resistance levels of 30800 like a dot. Finally, Indian Stock Market closed positive for the day.

Today: Indian Stock Market would open positive. Technically, Nifty is already in negative zone but BankNifty is still in positive zone. Now BankNifty would enter into negative zone if it closes below 30451 whereas Nifty would enter into positive zone if it closes above 11955 levels. The market trend would be confirmed only once either of the two happens and until then, market would continue to consolidate in a rangebound region and see a sideways movement.

Nifty:

BankNifty:

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FIIs were net sellers of Rs.562.05 crores whereas DIIs were net buyers of Rs.82.74 crores in cash market for last trading session. Nifty would see strong support at 11830-11800-11748-11700 whereas strong resistance would be seen at 11883-11960-12041-12083 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: Reliance Communication Ltd.

NSE Nifty: (11872) The support for the Nifty is 11830-11800-11748-11700 and the resistance to the up move is at 11883-11960-12041-12083 levels.

NSE BankNifty: (30750) The support for BankNifty is 30635-30550-30445-30350 and the resistance to the up move is 30800-30885-30950-31067 levels.

BSE Sensex: (40286) The support for the Sensex is 40110-40035-40000-39940 and the resistance to the up move is at 40380-40500-40600 levels.

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