Last Trading Session: Indian Stock Market opened negative as predicted by EquityPandit. EquityPandit predicted that Indian Stock Market would see some profit booking for the day but traders can go long near Equitypandit’s predicted support levels until Nifty holds above 11425 and exactly the same happened. Indian Stock Market moved sharply negative and saw support right at EquityPandit’s predicted support levels of 11495 for Nifty like a dot and rebounded from there. Finally, Indian Stock Market managed to close negative for the day. Nifty closed right above EquityPandit’s predicted support levels of 11516 like a dot.
Market Today: Indian Stock Market would open flat. Technically, analysis would still remain the same as Nifty is in the positive zone but BankNifty is still in the negative zone. The Nifty would enter into the negative zone if it closes below 11425 whereas BankNifty would enter into the positive zone if it closes above 22824 as stated yesterday. For now, the market would continue to consolidate and see sideways movement. Traders can initiate fresh short positions if Nifty closes below 11425 but until then, go long at every downfall near support levels.
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FIIs were net sellers of Rs.249.82 crores whereas DIIs were net sellers of Rs.1067.83 crores in the cash market for the last trading session. Nifty would see strong support at 11495-11440-11400-11365 whereas strong resistance would be seen at 11585-11649-11682-11707 levels. EquityPandit’s support and resistance levels always meet accuracy and hence traders are suggested to follow them for good profits.
NSE Nifty: (11516) The support for the Nifty is 11495-11440-11400-11365 and the resistance to the up move is at 11585-11649-11682-11707.
NSE BankNifty: (22320) The support for BankNifty is 22240-22000-21925-21800 and the resistance to the up move is 22465-22575-22660-22745-22850.
BSE Sensex: (38980) The support for the Sensex today is 38865-38740-38660-38500 and the resistance to the up move is at 39118-39240-39380-39440 levels.
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