Market Near Its Reversal Levels But Continue Long Until Nifty Holds Above 11305 By  Closing

Last Trading Session: Indian Stock Market opened gap negative as predicted by EquityPandit. EquityPandit predicted that the market would see sharp downfall but traders can go long at dips and suggested traders to initiate short only if Nifty closes below 11305. Indian Stock Market moved sharply negative as predicted. HDFC (-2.34%), Axis Bank (-2.08%), Titan (-1.98%) and Bharti Airtel (-1.92%) were the top losers of the day. Finally, Indian Stock Market closed the gap negative for the day.

Market Today: Indian Stock Market would open a positive. Technically, Indian Stock Market is still in a positive zone for now. Market closed right above EquityPandit’s reversal levels yesterday. Indian Stock Market would enter into a negative zone once it closes below 11305 for Nifty and 21881 for BankNifty but until then traders can go long at dips with strict stoploss on closing basis. The narrowing Bollinger bands as shown in below charts of Nifty and BankNifty clearly suggests that the market is ready to see a sharp movement on either side. Traders can follow these reversal levels strictly and take the positions accordingly to make sure that they trade along the market trend. Overall, traders should initiate fresh short positions if the market closes below 11305 levels for Nifty and 21881 levels for BankNifty but until then traders can hold long positions.

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Nifty:

BankNifty:

Check the Trend Of Major Indices and Stocks

FIIs were net sellers of Rs.268.46 crores whereas DIIs were net sellers of Rs.672.23 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 11345-11390-11430-11455 levels. EquityPandit’s support and resistance levels always meet accuracy and hence traders are suggested to follow them for good profits.

NSE Nifty: (11312) The support for the Nifty is 11274-11235-11165-11100 and the resistance to the up move is at 11345-11390-11430-11455.

NSE BankNifty: (21999) The support for BankNifty is 21925-21815-21675-21440 and the resistance to the up move is 22385-22545-22745-22850.

BSE Sensex: (38220) The support for the Sensex today is 38075-37880-37740-37600 and the resistance to the up move is at 38370-38402-38487-38606 levels.

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