Market Over-Stretched But Still Bullish Until Nifty Holds Above 10978

Last Trading Session: Indian Stock Market opened positive for the day. EquityPandit predicted that that market is near its immediate resistance but bullish until Nifty holds above 10978. EquityPandit also suggested traders that Nifty and BankNifty are near its targets and immediate resistance of 11200 and 23000 respectively and traders should remain cautious while hedging their positions and exactly the same happened. Indian Stock Market moved sharply positive and saw highs right at EquityPandit’s predicted resistance levels of 11237 for Nifty like a dot. Axisbank and Titan were the top gainers and Reliance Industries share price on NSE and BSE touched record highs for the day. Finally, Indian Stock Market closed flat for the day.

Today: Indian Stock Market To Open Flat. Technically, Indian Stock Market is still in a positive zone. Market would be considered bullish until it holds above 10978 for Nifty and 22308 for BankNifty but as Nifty filled up the previous gap and the market reversed from its resistance levels, hence some further profit booking could be seen. Bollinger bands are contracting and hence suggesting that the market is in long consolidation. We would soon see a breakout from the range but for now, we are heading towards weekly expiry and hence some volatility would surely be seen. Traders should hold all long positions with proper hedging as some profit booking cant be ruled out. Although over-stretched but still the market would be considered bullish until it holds above 10978 for Nifty and 22308 for BankNifty. Initiate fresh short positions if market closes below EquityPandit’s reversal levels.

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Nifty:

BankNifty:

Check the Trend Of Major Indices and Stocks

FIIs were net buyers of Rs.1665.57 crores whereas DIIs were net sellers of Rs.1138.83 crores in the cash market for the last trading session. Nifty would see strong support at 11145-11100-11085-11024  whereas strong resistance would be seen at 11185-11205-11237-11265-11308 levels. EquityPandit’s support and resistance levels always meet accuracy and hence traders are suggested to follow them for good profits.

Important Results To Be Declared Today: ABB India, AU Small Finance Bank, Bank Of Maharashtra, Biocon, HDFC Asset Management company, Mphasis, PNB Housing Finance, Radico Khaitan, SKF India, Sterlite Technologies, Tube Investments Of India and Zensar Technologies.

NSE Nifty: (11133) The support for the Nifty is 11100-11085-11024 and the resistance to the up move is at 11185-11205-11237-11265-11308.

NSE BankNifty: (22883) The support for BankNifty is 22615-22515-22375-22240 and the resistance to the up move is 22995-23085-23170-23380.

BSE Sensex: (37872) The support for the Sensex 37740-37600-37440-37365 and the resistance to the up move is at 38110-38370-38402-38487 levels.

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