Market To Remain Rangebound But Continue Long Until Nifty Holds Above 11182

Last Trading Session: Indian Stock Market opened negative as predicted. EquityPandit predicted that market would see some profit booking but traders should not initiate short positions until Nifty closes below 11182 and exactly the same happened. Indian Stock Market opened gap negative but saw lows right near EquityPandit’s predicted support levels of 11235 for Nifty. Market recovered sharply to close flat for the day as expected. HCL Tech and SBI Share Price zoomed sharply for the day. Finally, Indian Stock Market managed to close flat for the day.

Market Today: Indian Stock Market would open positive. Technically, Indian Stock Market is still in the positive zone. Market would enter into a negative zone only if it closes below 11182 levels for Nifty and 21717 for BankNifty and until then we would continue to see sideways movement in a rangebound region but would be considered bullish until it holds above the reversal levels. Traders should continue to hold long positions until the market holds above EquityPandit’s predicted reversal levels of 11182 levels for Nifty and 21717 levels for BankNifty.

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Nifty:

BankNifty:

Check the Trend Of Major Indices and Stocks

FIIs were net buyers of Rs.351.15 crores whereas DIIs were net sellers of Rs.939.67 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 11340-11390-11430-11455 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: BPCL, Eicher Motor, Hero MotoCorp, Tata Steel, GAIL, Grasim Industries, Balkrishna Industries, PFC, 3M India, Trent, Shriram Transport, Endurance and Godrej Industries Ltd.

NSE Nifty: (11308) 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: (22264) The support for BankNifty is 22000-21925-21815-21675 and the resistance to the up move is 22385-22545-22745-22850.

BSE Sensex: (38370) The support for the Sensex today is 38340-38265-38227-38100 and the resistance to the up move is at 38487-38635-38700-38747-38800 levels.

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