Market Overstretched And Would See Some Bounce back, Further Downfall If Nifty Breaches 10780

Last Trading Session: Indian Stock Market opened negative exactly as predicted. EquityPandit predicted that Indian Stock Market is still bearish and traders should continue to hold short positions in the market. Equitypandit predicted on Tuesday that the market would continue to fall and the next target for Nifty is at 10880 and it got achieved today. Traders who followed EquityPandit’s advice might have earned huge profits for the day. IndusInd Bank, Bajaj Finance, M&M, TCS and Tech Mahindra were the major losers for the day. Finally, Indian Stock Market closed the gap negative for the day.

Market Today: Indian Stock Market would open positive. Technically, Indian Stock Market is in a negative zone. Although the market is bearish but it is over-stretched now and we can see some positive bounce back in the market. Nifty possessed strong support near 10780 and coincidentally it saw lows right near those levels and hence some short covering rally is not ruled out at this point of time. Market would enter into a positive zone if it closes above 11095 for Nifty and 21266 for BankNifty. Traders should take long positions home only if the market closes above these reversal levels. Breaching levels of 10780 for Nifty would force the market to see further downfall.

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Nifty:

Bank Nifty:

Check the Trend Of Major Indices and Stocks

FIIs were net sellers of Rs.1885.69 crores whereas DIIs were net buyers of Rs.188.64 crores in the cash market for the last trading session. Nifty would see strong support at 10750-10715-10685-10600 whereas strong resistance would be seen at 10880-10945-10980-11035 levels. EquityPandit’s support and resistance levels always meet accuracy and hence traders are suggested to follow them for good profits.

NSE Nifty: (10806) The support for the Nifty is 10750-10715-10685-10600 and the resistance to the up move is at 10880-10945-10980-11035.

NSE BankNifty: (20457) The support for BankNifty is 20275-19730-19935-19800 and the resistance to the up move is 21606-20680-20847-21060.

BSE Sensex: (36554) The support for the Sensex today is 36480-36370-36245-36075 and the resistance to the up move is at 36750-36888-37037-37110 levels.

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