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Market Still Bearish Until Nifty Holds Below 11484 And Bank Nifty Below 23562
Last Trading Session: Indian Stock Market opened positive as predicted. EquityPandit predicted that the market would see some short covering but traders can go short at every rally until Nifty holds below 11484 on closing basis and exactly the same happened. Indian Stock Market moved sharply positive but saw high near EquityPandit’s predicted resistance levels of 11430 for Nifty and 38747 for Sensex like a dot. Market saw sharp downfall from EquityPandit’s predicted resistance levels and finally, managed to close negative for the day as predicted. Tata Steel, Bharti Airtel and Axis Bank share prices plunged.
Market Today: Indian Stock Market would open negative. Technically, Indian Stock Market is still in a negative zone. Market would enter into a positive zone only if it closes above 11484 for Nifty and 23562 for BankNifty but until then traders should continue to hold short positions in the market. We may see some consolidation but overall, the market is bearish for now and traders should continue to hold short positions in the market.
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Nifty:
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FIIs were net sellers of Rs.1056.52 crores whereas DIIs were net buyers of Rs.620.29 crores in the cash market for the last trading session. Nifty would see strong support at 11274-11235-11165-11100 whereas strong resistance would be seen at 11390-11430-11455-11505 levels. EquityPandit’s support and resistance levels always meet accuracy and hence traders are suggested to follow them for good profits.
NSE Nifty: (11317) The support for the Nifty is 11274-11235-11165-11100 and the resistance to the up move is at 11390-11430-11455-11505.
NSE BankNifty: (22744) The support for BankNifty is 22615-22515-22375-22240 and the resistance to the up move is 22945-23110-23240-23440.
BSE Sensex: (38365) The support for the Sensex today is 38265-38227-38100-37875 and the resistance to the up move is at 38487-38635-38700-38747 levels.
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