Market Still Rangebound, Go Short At Positive Rally Until Nifty Holds Below 10810 By Closing

Last Trading Session: Indian Stock Market opened positive for the day. EquityPandit predicted that traders should remain cautious until BankNifty closes below 21200 as the market can see some short covering rally. EquityPandit also predicted that traders should go short at every positive rally. Market moved sharply positively, backed by better than expected Infosys results. Market saw highs right at EquityPandit’s predicted resistance levels of 10751 for Nifty and 36518 for Sensex like a dot.

Today: Indian Stock Market would open positive. Technically, Indian Stock Market is still in a negative zone. Market would enter into a positive zone once it closes above 10810 for Nifty and 21977 for BankNifty but until then every positive rally would be an opportunity for traders to go short in the market. Market would see some short covering but the overall market would be considered bearish until it closes above EquityPandit’s predicted reversal levels. Traders can still go short near Equitypandit’s predicted resistances with closing stoploss above suggested reversal levels. Initiate fresh long only if market closes above 10810 for Nifty and 21977 for BankNifty.

EquityPandit Turns 15..

EquityPandit is celebrating 15 years of Research Excellence. We Thank You all for helping us reach this Milestone.

Nifty:

BankNifty:

Check the Trend Of Major Indices and Stocks

FIIs were net sellers of Rs.1091.08 crores whereas DIIs were net buyers of Rs.1659.91 crores in the cash market for the last trading session. Nifty would see strong support at 10715-10685-10600-10540  whereas strong resistance would be seen at at 10788-10835-10880-10945 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: Britannia Industries, Granules India, Hathway Cable, HCL Technologies and ICICI Lombard.

NSE Nifty: (10740) The support for the Nifty is 10715-10685-10600-10540 and the resistance to the up move is at 10788-10835-10880-10945-10980.

NSE BankNifty: (21597) The support for BankNifty is 21350-21065-20878-20745 and the resistance to the up move is 21715-21862-22000-22385.

BSE Sensex: (36472) The support for the Sensex 36370-36245-36025-35870 and the resistance to the up move is at 36712-36888-37037-37110 levels.

Note:  If you wish to subscribe for premium packages or have any queries, kindly contact us or mail us at admin@equitypandit.com or call our Executive at 08000816688.

Premium Subscription Pricing details can be seen at Stock Market Premium Services