Bank Nifty Entered Positive Zone, Its Time To Go Long In The Market
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened gap positive for the day with 80 points for Nifty, 160 points for Sensex and around 242 points for BankNifty. EquityPandit predicted that Indian Stock Market would see sharp short-covering rally (Positive Rally) for the day. Nifty saw sharp positive rally but saw strong resistance at EquityPandit’s levels of 7500. Finally, Indian Stock Market closed gap positive for the day.
Today: Indian Stock Market would open positive. Technically, BankNifty has entered into positive zone and Nifty is still in negative zone. It looks like today, Nifty would also enter into positive zone following BankNifty. Rising Oil Prices is giving boost to US Stock Markets and hence Asian Stock Market is following the trend. Traders, can wait for Nifty to breach 7450 levels. Once Nifty breaches those levels, traders can go long in Nifty. For now, traders can go long in BankNifty as it has already entered into positive trend. Nifty needs to enter into positive trend today for BankNifty to sustain the positive trend. FIIs were net seller of Rs.769.83 crores whereas DIIs were net buyers of 915.60 crores in last trading session. Nifty would see strong support at 7350-7302-7224-7200 whereas strong resistance would be seen at 7467-7505-7567-7606 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
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Important Results to be disclosed today: Container Corporation Of India, HDFC Bank, Mcleod Russel and MRF.
NSE Nifty: (7422) The support for the Nifty is 7350-7302-7224-7200 and the resistance to the up move is at 7467-7505-7567-7606 levels.
NSE BankNifty: (15498) The support for BankNifty is at 15336-15200-15060-14920 and the resistance to the up move is at 15600-15680-15805-15960 levels.
BSE Sensex: (24436) The support for the Sensex is at 24245-24156-24080-23950 and the resistance to the up move is at 24580-24660-24786-25915 levels.
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