Nifty Over-Stretched And Would See Immediate Support Near 11000
Last Trading Session: Indian Stock Market opened flat with positive bias as predicted. EquityPandit predicted that market is still bearish and traders should continue short positions until Nifty holds below 11356 levels. EquityPandit also predicted that Nifty has formed Bearish Engulfing candlestick pattern that suggest further downfall could be seen in upcoming days and exactly same happened. Indian Stock Market moved positive after opening but saw highs right at EquityPandit's predicted resistance levels of 11265 for Nifty like a dot. Market fell down sharply from there and finally managed to close gap negative for the day. Nifty closed right at EquityPandit's predicted support levels of 11085 like a dot.
Today: Indian Stock Market would open negative. Technically, Indian Stock Market is still in negative zone. Market is still bearish for now and Nifty possess immediate psychological support at 11000 levels. Traders may see some further downtrend but would consolidate near 11000 levels for Nifty. Market is highly stretched and some positive bounce can be seen as a reaction but strong resistance lies at 11139-11200-11215. Traders are suggest to start booking profits in short positions for now as market near its important support levels of 11000 for Nifty.
FIIs were net sellers of Rs.644.59 crores whereas DIIs were net buyers of Rs.1079.72 crores in cash market for last trading session. Nifty would see strong support at 11024-11000-10980-10947 whereas strong resistance would be seen 11139-11175-11200-11215 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
Important Results To Be Disclosed Today: Ajanta Pharma, Allahabad Bank (NS: ALBK ), Apollo Tyres (NS: APLO ), Ashok Leyland (NS: ASOK ), Blue Dart Express (NS: BLDT ), Carorundum Universal, CARE Ratings, CCI, Eicher Motors (NS: EICH ), Future Retail (NS: FURE ), Heritage Foods, Indiabulls (NS: INBF ) Ventures, IOC, Jagran Prakashan (NS: JAGP ), Mahindra Holidays (NS: MAHH ), MAS Financial, Motilal Oswal (NS: MOFS ) Financial Services, Petronet LNG, Star Cement, Symphony, Tata Global Beverages (NS: TAGL ), Trent, UPL (NS: UPLL ) and Zydus Wellness (NS: ZYDS ).
Stocks In F&O Ban Period: NIL.
NSE Nifty: (11085) The support for the Nifty is 11024-11000-10980-10947 and the resistance to the up move is at 11139-11175-11200-11215 levels.
NSE BankNifty: (28792) The support for BankNifty is 28740-28600-28550-28488-28353 and the resistance to the up move is at 28940-29075-29145-29205 levels.
BSE Sensex : (37397) The support for the Sensex is at 37270-37165-37110-37072-36980 and the resistance to the up move is at 37425-37530-37585-37660 levels.
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