Market To Open Positive But Would Remain Rangebound for Few Days 

 

Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened positive for the day. EquityPandit predicted that market may see some further positive rally but it would not last long. EquityPandit also predicted that overall market is bearish and exactly same happened. Indian Stock Market opened gap positive but as predicted by EquityPandit that it would not last long, Market fell down sharply. BankNifty saw highs near EquityPandit’s predicted resistance levels of 14588 and fell down sharply and saw strong support near EquityPandit’s predicted support levels of 14120. Finally, Indian Stock Market closed gap negative for the day.

Today: Indian Stock Market to open positive for the day. Technically, Indian Stock Market is still in positive zone. Today, again some positive movement would be seen but traders should note that there is nothing that has been changed in economy across the globe and market is overall bearish. This positive movement is just a reaction. Traders can keep buying at dips in BankNifty and short at higher levels until it is in Positive zone. Long should be done around 14000 levels for BankNifty and shorts can be done around 14500-14600 levels. Once any of these levels are taken off by closing, traders need to change the strategy. FIIs were net sellers of Rs.964.19 crores whereas DIIs were net buyers of Rs.590.73 crores in last trading session. Nifty would see strong support at 7056-7000-6868-6820 whereas strong resistance would be seen at 7200-7228-7280-7325 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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NSE Nifty: (7048) The support for the Nifty is 7000-6868-6820 and the resistance to the up move is at 7165-7205-7228-7280 levels.

NSE BankNifty: (14166) The support for BankNifty is at 14120-13969-13800 and the resistance to the up move is at 14322-14504-14588-14700 levels.

BSE Sensex: (23192) The support for the Sensex is at 23020-22910-22800-22736 and the resistance to the up move is at 23345-23475-23600-23759 levels.

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