Market To See Short Covering, Initiate Short Only If Nifty Closes Below 10994

Last Trading Session: Indian Stock Market opened flat as predicted by Equitypandit. EquityPandit predicted that the market would see some profit booking but traders can go long at dips near sub 11000-11100 until Nifty holds above 10994 and exactly the same happened. Indian Stock Market moved sharply negative on profit booking as predicted and saw lows right at EquityPandit's predicted support levels of 11085 for Nifty like a dot and recovered sharply from there. Traders who followed EquityPandit's advice might have earned excellent profits for the day. BankNifty anyhow went into a negative zone backed by the sharp downfall of ICICI Bank (NS:ICBK) (-6.10%), HDFC Bank (NS:HDBK) (-3.54%), Axis Bank (-3.15%), IndusInd bank (-2.99%) and SBI (NS:SBI)(-2.50%). Finally, Indian Stock Market closed negative for the day.

Today: Indian Stock Market would open positive. Technically, Nifty is still in the positive zone whereas BankNifty has entered into the negative zone. Market to see some short covering after a sharp downfall yesterday. Now, Nifty would enter into negative zone once it closes below 10994 whereas BankNifty would enter into positive zone once it closes above 22838 for BankNifty. Market would consolidate until either of two happens. If Nifty closes below 10994 then we would see a sharp downfall in the market whereas if BankNifty again enters into a positive zone by closing above 22838 then we would see a further sharp rally. For now, traders can wait for the confirmation of the trade.

Nifty:


BankNifty:


FIIs were net sellers of Rs.453.31 crores whereas DIIs were net sellers of Rs.977.88 crores in the cash market for the last trading session. Nifty would see strong support at 11175-11145-11100-11085 whereas strong resistance would be seen at 11237-11265-11308-11380 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: Castrol India (NS:CAST), Hexaware Technologies (NS:HEXT), IDBI Bank (NS:IDBI), IDFC (NS:IDFC) First Bank, Nestle India, NIIT Technologies (NS:NITT), Orient Cement, Quess Corp, RBL Bank, Sanofi India (NS:SANO), Sunteck Realty (NS:SUNT), Tata Coffee (NS:TACO), UltraTech Cement (NS:ULTC) and Welspun Corp (NS:WGSR) Ltd.

NSE Nifty: (11132) The support for the Nifty is 11100-11085-11024 and the resistance to the up move is at 11185-11205-11237-11265.

NSE BankNifty: (21849) The support for BankNifty is 21675-21440-21270 and the resistance to the up move is 22035-22135-22385-22545.

BSE Sensex: (37935) The support for the Sensex 37740-37600-37440-37365 and the resistance to the up move is at 38110-38370-38402-38487 levels.