Market To Remain Rangebound, Continue Long Until Nifty Holds Above 11076

Last Trading Session: Indian Stock Market opened positive as predicted by Equitypandit. EquityPandit predicted that the Indian Stock Market would see short-covering and traders should initiate short only if Nifty closes below 10994 and exactly the same happened. Indian Stock Market moved sharply positive on the account of the short-covering as predicted. EquityPandit also predicted a day before that breaching the levels of 11240 for Nifty would force the market to see the sharp positive rally and exactly the same happened in the last trading session. Stocks that moved market positive were Ultratech Cement (+7.16%), TCS (+4.67%), Kotak Bank (+4.65%), and IndusInd Bank (+4.01%). Finally, the Indian Stock Market closed the gap positive for the day.

Today: Indian Stock Market would open flat. Technically, Nifty is still in a positive zone whereas BankNifty is in a negative zone. For the market to see momentum in a single direction, it is necessary for Nifty and BankNifty to remain in the same trend, so that they don’t act as a pulling force for each other. For now, Nifty would enter into the negative zone if it closes below 11076 whereas BankNifty would enter into the positive zone if it closes above 22516 levels and until then the market would remain rangebound. Market would see a sharp positive rally if BankNifty closes above 22516 whereas a sharp downfall would be seen if Nifty closes below 11076. Nifty is strong until it holds above 11076 but still, traders should now book partial profits now in long positions as Nifty it is near its resistance levels. The remaining long positions could behold for now. Traders can add further long positions if BankNifty closes above 22516.

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Nifty:

BankNifty:

Check the Trend Of Major Indices and Stocks

FIIs were net buyers of Rs.245.95 crores whereas DIIs were net sellers of Rs.1017.40 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 11390-11430-11455-11480 levels. EquityPandit’s support and resistance levels always meet the accuracy and hence traders are suggested to follow them for good profits.

Important Results To Be Declared Today: Bharti Airtel, BBTC, Carborundum Universal, CEAT, Chambal Fertilisers, Colgate-Palmolive, Dr. Reddys Laboratories, GlaxoSmithKline Pharmaceuticals, GMM Pfaudler, Heritage Foods, Indian Energy Exchange, Interglobe Aviation, JK Paper Ltd, Mahindra Lifespace Developers, Manappuram Finance, Maruti Suzuki India, Navin Fluro, Omaxe, Rail Vikas Nigam, Security & Intelligence Services India, and TVS Motor Company.

NSE Nifty: (11301) The support for the Nifty is 11274-11235-11165-11100 and the resistance to the up move is at 11390-11430-11455-11480.

NSE BankNifty: (22105) The support for BankNifty is 22025-21925-21815-21675 and the resistance to the up move is 22276-22545-22745-22850.

BSE Sensex: (38493) The support for the Sensex 38340-38265-38227-38100 and the resistance to the up move is at 38635-38700-38747-38800-38950 levels.

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