Market To See Sharp Downfall But Initiate Short Positions Only If Nifty Closes Below 11305

Last Trading Session: Indian Stock Market opened positive as predicted by EquityPandit. EquityPandit predicted that Nifty and BankNifty have entered into positive zone and traders can go long at every dip in the market and exactly the same happened. Indian Stock Market moved sharply positive as predicted and saw high right below EquityPandit’s predicted resistance levels of 11470 for Nifty and 38800 for Sensex. Finally, Indian Stock Market closed the gap positive for the day. Nifty closed right at EquityPandit’s predicted resistance levels of 11409 like a dot.

Market Today: Indian Stock Market would open gap negative on economic uncertainty. Technically, Indian Stock Market is still in a positive zone for now. Market would enter into a negative zone once it closes below 11305 for Nifty and 21893 for BankNifty but until then the market would be considered strong and traders can go long at dips in the market. Bollinger bands as shown in below charts of Nifty and BankNifty are narrowing down and this suggests that the market is ready to see a sharp breakout or a breakdown in upcoming days. Traders can go long at dips on a gap negative opening but if market closes below EquityPandit’s predicted reversal levels of 11305 for Nifty and 21893 for BankNifty then traders can close all long positions and initiate fresh short positions as we may see sharp downfall in that case. Traders are suggested to follow the reversal levels strictly to avoid any risk as the market is ready for sharp movement in either side.

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Nifty:

BankNifty:

Check the Trend Of Major Indices and Stocks

FIIs were net buyers of Rs.459.01 crores whereas DIIs were net sellers of Rs.97.13 crores in the cash market for the last trading session. Nifty would see strong support at 11385-11340-11300-11260  whereas strong resistance would be seen at 11445-11470-11500 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: IOB, Sheela Foam and MOIL.

NSE Nifty: (11409) The support for the Nifty is 11385-11340-11300-11260 and the resistance to the up move is at 11445-11470-11500.

NSE BankNifty: (22286) The support for BankNifty is 22000-21925-21815-21675 and the resistance to the up move is 22385-22545-22745-22850.

BSE Sensex: (38615) The support for the Sensex today is 38515-38340-38265-38227 and the resistance to the up move is at 38700-38747-38800-38950 levels.

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