Market Still In Positive Zone, Initiate Short Only If Nifty Closes Below 11302

Last Trading Session: Indian Stock Market opened gap positive as predicted by EquityPandit. EquityPandit predicted that the market is still in a positive zone and traders can continue to hold long positions in the market until Nifty holds above 11305 and exactly the same happened. Indian Stock market moved sharply positive. Finally, Indian Stock Market closed the gap positive for the day.

Market Today: Indian Stock Market would open positive. Technically, Indian Stock Market is still in a positive zone for now. Analysis still remains the same. Traders should continue to hold long positions until 11302 holds for Nifty and 21881 holds for BankNifty. Closing below these levels would force the market to enter into a negative zone. As stated earlier, Bollinger Bands are narrowing down and we may see a sharp breakout or breakdown from the range anytime now. Consolidation may continue until this expiry but sooner or later we would be witnessing a sharp movement and traders should follow the levels very carefully to avoid getting trapped in the wrong direction. Traders can initiate fresh short positions only if the market closes below 11302 for Nifty and 21881 for BankNifty.

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Nifty:

BankNifty:

Check the Trend Of Major Indices and Stocks

FIIs were net buyers of Rs.410.16 crores whereas DIIs were net sellers of Rs.250.65 crores in the cash market for the last trading session. Nifty would see strong support at 11340-11300-11260-11230  whereas strong resistance would be seen at 11409-11445-11470-11500 levels. EquityPandit’s support and resistance levels always meet accuracy and hence traders are suggested to follow them for good profits.

NSE Nifty: (11372) The support for the Nifty is 11340-11300-11260-11230 and the resistance to the up move is at 11409-11445-11470-11500.

NSE BankNifty: (22300) The support for BankNifty is 22000-21925-21815-21675 and the resistance to the up move is 22385-22545-22745-22850.

BSE Sensex: (38435) The support for the Sensex today is 38340-38265-38227-38100 and the resistance to the up move is at 38487-38606-38700-38747-38800 levels.

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