Market To Open Gap Positive But Go Short At Every Rally until Nifty Holds Below 11380

Last Trading Session: Indian Stock Market opened flat for the day. EquityPandit predicted that the market would continue to see sideways movement. EquityPandit predicted that traders should initiate short positions if the market closes below 11182 levels for Nifty and 21717 for BankNifty and exactly the same happened. Indian Stock Market was not able to hold the higher levels and fell down sharply. Axis Bank (-2.73%), SBIN (-2.67%), Bajaj Finance (-2.59%) and ITC (-2.51%) were top losers of the day. Nifty saw lows right at EquityPandit’s predicted support levels of 11100 for Nifty like a dot. Finally, Indian Stock Market closed the gap negative for the day. BankNifty closed right above EquityPandit’s predicted support levels of 21675 like a dot.

Market Today: Indian Stock Market would open gap positive. Technically, Indian Stock Market including Nifty, BankNifty and Sensex have entered into negative zone. Market would see some short covering rally (Positive movement) but traders should continue to go short in the market as the market has entered into the negative zone and every positive rally would be an opportunity for traders to go short in the market. Overall market would be considered bearish until it holds below 11380 levels for Nifty and 22353 levels for BankNifty.

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Nifty:

BankNifty:

Check the Trend Of Major Indices and Stocks

FIIs were net buyers of Rs.46.39 crores whereas DIIs were net sellers of Rs.797.08 crores in the cash market for the last trading session. Nifty would see strong support at 11145-11100-11085-11024  whereas strong resistance would be seen at 11205-11237-11265-11308 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: Petronet LNG and Lux Industries.

NSE Nifty: (11178) The support for the Nifty is 11145-11100-11085-11024 and the resistance to the up move is at 11205-11237-11265-11308.

NSE BankNifty: (21679) The support for BankNifty is 21550-21350-21065-20878 and the resistance to the up move is 21862-22000-22385.

BSE Sensex: (37877) The support for the Sensex Today is 37740-37600-37440-37365 and the resistance to the up move is at  38110-38370-38402-38487 levels.

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