Market Would Further Consolidate, Breakout Only If BankNifty Closes Above 19070
Last Trading Session: Exactly as predicted by EquityPandit, Indian Stock Market opened negative for the day. EquityPandit predicted that Market is in consolidation and would see further correction and exactly same happened. Market saw some positive movement but was not able to hold higher levels. Market saw sharp correction and witnessed strong support at EquityPandit’s predicted support levels of 8600 levels for Nifty and 27950 levels for Sensex. BankNifty closed below EquityPandit’s predicted resistance levels of 19070. Finally, Indian Stock Market closed negative for the day.
Today: Indian Stock Market would open flat with positive bias. Technically, Indian Stock Market is in positive trend. Market is still in consolidation phase and further correction can’t be ruled out at this point of time. BankNifty would see immediate resistance at 19070 levels by closing and breaching these levels by closing would force market to see sharp breakout. BankNifty would surely see some correction but traders should continue to buy at dips as of now. Once BankNifty closes above 19070 levels, traders can expect the targets of 19300-19500 levels. Until then market would consolidate in a rangebound region.
FIIs were net buyers of Rs.0.05 crores whereas DIIs were net sellers of Rs.89.37 crores in cash market for last trading session. Nifty would see strong support at 8600-8550-8530 whereas strong resistance would be seen at 8665-8707-8741-8775 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: India Cements, Shipping Corporation Of India and Transport Corporation Of India.
NSE Nifty: (8624) The support for the Nifty is 8600-8550-8530 and the resistance to the up move is at 8665-8707-8741-8775 levels.
NSE BankNifty: (19041) The support for BankNifty is at 18825-18610-18533-18400-18218 and the resistance to the up move is at 19070-19160-19300-19500 levels.
BSE Sensex: (28005) The support for the Sensex is at 27950-27870-27736 and the resistance to the up move is at 28180-28294-28340-28500 levels.
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