Nifty Enters Negative Zone But Initiate Short Only If BankNIfty Closes Below 23943

Last Trading Session: Indian Stock Market opened flat for the day. Market saw a sharp downfall from day highs. Bajaj Auto, M&M, Hero MotoCorp and Reliance Industries were top losers for the day. Finally managed to close gap negative for the day.

Market Today: Indian Stock Market would open positive. Technically, Nifty has entered into negative zone but BankNifty is still in positive zone. Some bounce back may be seen after yesterday’s sharp downfall. BankNifty would enter into a negative zone once it closes below 23943. If BankNifty closes below these levels then traders can initiate fresh short in the market but until then the market would continue to consolidate in a rangebound region.

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Nifty:

Bank Nifty:

Check the Trend Of Major Indices and Stocks

FIIs were net buyers of Rs.906.93 crores whereas DIIs were net sellers of Rs.891.86 crores in the cash market for the last trading session. Nifty would see strong support at 11710-11660-11570-11530 whereas strong resistance would be seen at 11880-11940-11980-12025 levels. EquityPandit’s support and resistance levels always meet accuracy and hence traders are suggested to follow them for good profits.

NSE Nifty: (11768) The support for the Nifty is 11710-11660-11570-11530 and the resistance to the up move is at 11880-11940-11980-12025.

NSE BankNifty: (24075) The support for BankNifty is 23850-23740-23615-23500 and the resistance to the up move is 24200-24270-24440-24575.

BSE Sensex: (40146) The support for the Sensex today is 39950-39811-39700-39630-39450 and the resistance to the up move is at 40380-40470-40585-40730 levels.

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