Market Bullish Only If Nifty Closes Above 11136 But Until Then Hold Short Positions In The Market

Last Trading Session: Indian Stock Market opened positive as predicted by EquityPandit. EquityPandit predicted that the Indian Stock Market would see some short covering rally (Positive movement) but traders should go short at every rally in the market until Nifty closes above 11136 levels and exactly the same happened. Indian Stock Market moved sharply positive. Surprisingly, Nifty breached all the resistance levels but the momentum eased before breaching the reversal levels of 11136. Index heavyweights that forced the market to see sharp positive rally were Reliance Industries (+7.05%), HDFC Bank (+3.96%), Maruti (+3.14%), Axis Bank (2.83%), HDFC (2.37%). Finally, Indian Stock Market closed the gap positive for the day.

Market Today: Indian Stock Market would open flat. Technically, Indian Stock Market is still in a negative zone. Market would enter into a positive zone only if it closes above 11136 for Nifty and 21870 for BankNifty. Now the market is near its reversal levels but traders should initiate long positions only if it closes above those levels and until then every positive movement could be an opportunity to go short in the market. If the market managed to close above 11136 levels for Nifty and 21870 levels for BankNifty then we would see sharp positive rallies in days to come but until then the market would be considered bearish and chances of downfall persists.

Now Analyze Any Stock Yourself Just In a Few Minutes…

A Free but the Most Powerful Tool For Smarter Analysis of any stock. Analyze any stock at: StockFact – Top Stock Research, Screener And Analysis Tool

Nifty:

BankNifty:

Check the Trend Of Major Indices and Stocks

FIIs were net buyers of Rs.703.74 crores whereas DIIs were net sellers of Rs.665.69 crores in the cash market for the last trading session. Nifty would see strong support at 11040-11024-10980-10945  whereas strong resistance would be seen at 11130-11154-11185-11205-11237 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: Adani Gas, Apollo Tyres, Birlasoft, Cadila Healthcare, Canara Bank, Cera Sanitaryware, DLF, EID Parry, Godrej Properties, Hawkins Cooker, Inox Leisure, Intellect Design Arena, JK Lakshmi Cement, Jyothy Labs, Strides Pharma Science, Tasty Bite Eatables, Trent and VIP Industries.

NSE Nifty: (11095) The support for the Nifty is 11040-11024-10980-10945 and the resistance to the up move is at 11130-11154-11185-11205-11237.

NSE BankNifty: (21491) The support for BankNifty is 21065-20878-20745-20620 and the resistance to the up move is 21715-21862-22000-22385.

BSE Sensex: (37688) The support for the Sensex 37440-37365-37240-37110 and the resistance to the up move is at 37808-37930-38110-38245 levels.

Note:  If you wish to subscribe to premium packages or have any queries, kindly contact us or mail us at admin@equitypandit.com or call our Executive at 08000816688.

Premium Subscription Pricing details can be seen at Stock Market Premium Services