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Market To See Short Covering But Traders Should Initiate Long Only If Nifty Closes Above 11421
Last Trading Session: Indian Stock Market opened negative as predicted. EquityPandit predicted that Indian Stock Market would open negative and the market is still bearish. EquityPandit also predicted that the traders should continue to hold short positions in the market and exactly the same happened. Indian Stock Market moved sharply positive but was not able to hold higher levels and fell down sharply. Traders who followed EquityPandit’s advice might have earned huge profits for the day. Finally, Indian Stock Market managed to close negative for the day. Nifty closed right above EquityPandit’s predicted support levels of 11274 for Nifty like a dot.
Market Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still in a negative zone. Analysis would still remain the same and the market would enter into a positive zone once it closes above 11421 for Nifty and 23069 for BankNifty but until then the market would be considered bearish and traders can hold short positions in the market. Market may see strong support at 22000 for BankNifty and some short covering rally is not ruled out but traders should initiate fresh long positions only if the market enters into a positive zone and closes above 11421 for Nifty and 23069 for BankNifty.
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Nifty:
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FIIs were net sellers of Rs.959.09 crores whereas DIIs were net sellers of Rs.263.97 crores in the cash market for the last trading session. Nifty would see strong support at 11235-11165-11100 whereas strong resistance would be seen at 11323-11390-11430-11455 levels. EquityPandit’s support and resistance levels always meet accuracy and hence traders are suggested to follow them for good profits.
NSE Nifty: (11278) The support for the Nifty is 11235-11165-11100 and the resistance to the up move is at 11323-11390-11430-11455.
NSE BankNifty: (22267) The support for BankNifty is 22035-22000-21925-21815 and the resistance to the up move is 22385-22545-22745-22850.
BSE Sensex: (38194) 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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